Ghanaians have been advised to deepen their understanding of virtual assets before engaging in these trades, as regulators launch a nationwide literacy programme, following the passage of the Virtual Asset Service Providers Act.
The call comes as the Bank of Ghana (BoG), on Friday, launched the National Virtual Asset Literacy Initiative (NaVALI), in Accra, to expose consumers to the risks and opportunities, and promote informed, lawful participation in virtual assets.
The Central Bank and Securities and Exchange Commission (SEC) spearheaded initiative would target educating four categories of persons, from those with little or no knowledge about virtual assets to those with professional understanding.
The literacy programme, guided by the objectives of strengthening institutional capacity and promoting nationwide awareness, is also to empower consumers, discourage uninformed usage, enhance market integrity and contribute to financial stability.
Dr Johnson Pandit Asiama, the Governor of the Central Bank, during the programme launch, said it was to ensure that Ghanaians fully understood virtual assets before undertaking in any trade and related activities.
He explained that effective regulation required ecosystem-wide awareness of both the opportunities and risks associated with virtual assets, to ensure that adoption was safe, responsible, and beneficial to the nation’s economic growth.
“The National Virtual Asset Literacy Initiative is anchored on a simple but important principle; understand before you undertake, which will position virtual asset literacy as the foundation for a safe digital economy,” Dr Asiama said.
He noted that as innovation in the virtual asset space continued to evolve, education and awareness remained central to regulations in a collaborative way to ensure responsible progress, consumer protection, market integrity and financial stability.
Dr James Klutse Avedzi, the Director-General of SEC, described the passage of the Act as a turning point in Ghana’s financial ecosystem, reiterating that public literacy was essential to demystifying virtual assets and fostering informed and greater participation.
He stated that virtual assets offered opportunities for financial inclusion and economic growth but posed risks, hence, the embrace of a national approach for safe adoption and usage, urging Ghanaians to participate in the trainings to enrich their knowledge.
“After several months of intensive work for the passage of the law, today marks a significant step by the Bank of Ghana and the Securities and Exchange Commission towards carrying the public along on this new journey,” Dr Avedzi said.
He said the national virtual asset literacy initiative reflected the regulators and country’s commitment to ensuring informed participation and supporting innovation within a clear, predictable and proportionate regulatory framework.
Mr Owuraku Asare, the Head of Financial Technology (fintech), and Innovation Office of the Bank of Ghana, said the nationwide awareness creation would include community and market activities, radio discussions, and social media engagements.
He said the initiative would focus on strengthening institutional capacity in blockchain and related technologies while promoting nationwide awareness of risks and building trust and support a safe digital financial ecosystem.
“As virtual assets grow, so does the need for clear information, practical guidance and shared understanding for institutions and the digital public. NaVALI is to ensure that innovation matches with responsibility, and participation is informed and lawful,” he noted.
Already, the Central Bank has admitted six fintech firms into its regulatory sandbox programme for a one-year initiative, aimed at validating regulatory frameworks for the exchange, custody, administration, and issuance of virtual assets with over 100 crypto firms officially registered.
