The Ashanti Regional phase of the National Virtual Asset Literacy Initiative (NaVALI) has been launched to protect financial stability in Ghana’s fast-growing digital finance sector.

The initiative follows the enactment of the Virtual Asset Service Providers Act 2025 (Act 1154) and is aimed at ensuring that innovation in virtual assets progresses responsibly, with a strong emphasis on consumer protection and market integrity.

The NaVALI is a collaborative initiative led by the Bank of Ghana (BoG) in partnership with the Securities and Exchange Commission (SEC), academia and key industry stakeholders.

It is anchored on two key objectives: strengthening institutional capacity in virtual assets and enabling technologies such as blockchain to ensure effective regulation and supervision, and driving nationwide awareness of the risks and implications of virtual assets to prevent uninformed and risky adoption as the sector evolves.

The launch, held at University of Skills Training and Entrepreneurial Development (USTED) under the theme: “Understand before you undertake,” was attended by regulators, market players, consumer advocates, and members of the media.

On the sidelines of the event, the Head of the Fintech and Innovation Department at the Bank of Ghana (BoG), Elhanan Owureku Asare, said regulators are establishing the necessary structures, systems, and processes to ensure the timely and orderly operationalisation of the new Act.

He explained that NaVALI is designed to place education and awareness at the centre of the country’s digital finance regulatory framework.

The goal, he noted, is to equip consumers, industry players, and public institutions with the knowledge needed to make informed decisions and avoid risky or uninformed participation in the virtual asset space.

Owureku Asare stressed that a well-informed ecosystem is critical to safeguarding consumer protection, market integrity, and financial stability.

“Effective regulation and enforcement cannot be achieved by regulators alone without a clear understanding of how virtual assets work and the risks they carry,” he said.

He added that the initiative reflected a proactive and collaborative approach to ensuring that innovation in virtual assets progressed responsibly in the country.

"NaVALI is a collaborative initiative being implemented by the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) to intensify awareness around crypto and digital asset operations. Given that this is the new financial system in the modern world, we cannot do away with it. This strategic plan is therefore necessary to prevent operators from taking advantage of and defrauding Ghanaians," Owureku Asare stated.

Investing in Crypto

The Deputy Director-General for Finance at the Securities and Exchange Commission (SEC), Mensah Thompson, cautioned Ghanaians interested in crypto and digital financial asset operations to be vigilant when investing.

According to him, investors must verify the legitimacy of service providers before committing any funds.

“Individuals interested in investing in crypto or digital assets must be vigilant. You must ensure that any Virtual Asset Service Provider you deal with is licensed by the appropriate regulatory authorities,” he said.

He noted that licensing is key to protecting consumers from fraud and ensuring market integrity in the growing digital asset space.

“We don’t want a situation where unlicensed operators take advantage of Ghanaians. That is why it is important for the public to check and confirm that any platform they use has approval from the Bank of Ghana or the SEC,” he added.

Mr. Thompson stressed that regulation and public education must go hand in hand to build a safe and well-informed digital finance ecosystem.

He also stressed that the Virtual Asset Service Providers Act represents a defining milestone that will reshape the country’s financial ecosystem, spanning banking, capital markets, and emerging digital finance activities.

He said the legislation signalled a fundamental shift in how financial services would be delivered and regulated, with virtual assets and blockchain technology increasingly influencing traditional systems.

Mr. Thompson expressed the commitment of the SEC to forge close collaboration with the BoG to support industry players and market operators as they adjusted to the new regulatory landscape.

He said that the launch of the National Virtual Asset Literacy Initiative was critical to carrying the public along in this transition, stressing that education was indispensable to responsible innovation.

“This initiative marks a significant step in our national journey to deepen understanding of virtual assets and their role within the broader financial system,” he said.

Prospects for financial inclusion

The Deputy Director-General explained that while virtual assets and new financial rails offered strong prospects for financial inclusion, efficiency and economic growth, they also carried risks to investor protection, market integrity and financial stability.

For that reason, he said a comprehensive and well-coordinated national approach was required to balance innovation with effective safeguards.

Prof. Joseph Antwi Baafi, Lead Knowledge Partner for NaVALI and Head of the Department of Economics at USTED, said the awareness drive will be decentralized to ensure that Ghanaians across the country are reached, regardless of location.

"We will be carrying out this exercise in our various schools, marketplaces, churches, and other gathering places,” he said. “The idea is to take the conversation directly to the people, because digital finance is no longer limited to offices and banks,” he noted.

Prof. Antwi Baafi added that “we cannot ignore digital assets. They are part of the new financial world. Our job is to make sure Ghanaians are not left behind, and that they are protected as they engage”.

He also urged citizens to actively participate in the awareness programs, stressing that knowledge is the first line of defense against fraud.

“This, I believe, will help them to understand digital money, virtual assets, the opportunities available, the risks involved, and the safety practices they need to adopt,” he explained.

He said NaVALI’s role is to bridge that knowledge gap so people can make informed decisions and participate safely in the evolving financial system.

Prof. Baafi, who co-authored the National Virtual Assets Education Manual, said the manual will be used as the primary resource for trainers and facilitators during the outreach.

Dean of the School of Graduate Studies at USTEC, Prof. Humphrey Danso, added that the National Virtual Assets Education Manual, introduced under NaVALI, would serve as a structured tool for public education, policy engagement, and stakeholder dialogue.

He cautioned against the damage caused by fraudulent investment schemes, adding that education, not fear, remains the best defense.

“Many of us still recall the damage done by fraudulent investment schemes that impacted thousands of Ghanaian households. Today's fraudster does not necessarily knock on your front door. They enter your mobile phone, appear on your social media timeline, create convincing websites, and impersonate respected institutions. They lure you with promises of huge returns, exploit trust, manipulate fear, and prey on your hope,” he observed.

"The greatest weapon against such deception is not fear. It is education," he concluded