BoG, SEC shift focus, from virtual asset rules to public readiness        

By Joshua Worlasi AMLANU

By pivoting from legislation to literacy, the Bank of Ghana and Securities and Exchange Commission aim to build trust and readiness in the digital finance ecosystem, reducing the risk of consumer harm as virtual assets gain wider acceptance.

The regulators on Friday, January 23, launched the National Virtual Asset Literacy Initiative, known as NaVALI, to anchor consumer education and strengthen regulatory readiness as the new law is rolled out.

The initiative comes as authorities put in place systems and processes to operationalise the Virtual Asset Service Providers Act, which provides the legal framework for crypto-related activities. While the law marks a milestone for the sector, officials say enforcement alone will not be sufficient to manage risks in a fast-evolving market.

Speaking at the launch, Bank of Ghana Governor Dr. Johnson Pandit Asiama said the next phase of regulation must focus on understanding and preparedness across the ecosystem.

He said NaVALI is built on a simple principle – “understand before you undertake”, positioning literacy as the foundation for a safe digital economy.

“Effective regulation and enforcement cannot be achieved by regulators alone. The entire ecosystem must understand how virtual assets work, their implications and the risks involved,” Dr. Asiama said.

“Education and awareness must remain central to our regulatory approach and NaVALI represents a proactive and collaborative effort to ensure that innovation progresses responsibly, with due regard to consumer protection, market integrity and financial stability.”

The programme is being led by the central bank in collaboration with SEC and partners from academia and industry. It has three main objectives: strengthening institutional capacity on virtual assets; enabling technologies such as blockchain to support supervision and policy; and promoting nationwide awareness of risks to discourage uninformed or speculative adoption.

SEC Director-General, Dr. James Klutse Avedzi said passage of the Virtual Asset Service Providers Act, Act 1154, represents a turning point for Ghana’s financial ecosystem – from core banking to traditional securities.

He said the law will reshape how financial markets operate and require coordinated oversight.

“This law provides a turning point for our entire financial ecosystem,” Avedzi said. “As virtual assets and blockchain technologies scale globally, they present significant opportunities for financial inclusion and growth – but also risks to consumer protection, market integrity and financial stability. A well-sensitised national approach is therefore essential.”

As part of the initiative, regulators launched a National Virtual Asset Education Manual to provide a structured foundation for public education and policy dialogue. The manual is designed to demystify virtual assets, clarify key concepts, outline the legal and regulatory architecture and highlight risk considerations that should guide responsible use.

Officials said the literacy drive will rely on community engagement, video discussions in local languages, digital platforms and social media to reach young people and first-time users, reflecting the growing interest in virtual assets among Ghana’s youth. Branch and agent networks are also expected to support outreach.

SEC pledged continued collaboration with the central bank as co-regulators while they prepare to operationalise the law. Both institutions said their focus is to ensure innovation is matched with responsibility and that participation in virtual asset markets is informed and lawful.

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