Accra: 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.
According to Ghana News Agency, the call comes as the Bank of Ghana (BoG) 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 aims to educate four categories of people, 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 designed to empower consumers, discourage uninformed usage, enhance market integrity, and contribute to financial stability. Dr. Johnson Pandit Asiama, the Governor of the Central Bank, emphasized the importance of ensuring Ghanaians fully understand virtual assets before participating in related activities.
He explained that effective regulation requires ecosystem-wide awareness of both the opportunities and risks associated with virtual assets, to ensure that adoption is 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.
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 is essential to demystifying virtual assets and fostering informed and greater participation. He stated that virtual assets offer opportunities for financial inclusion and economic growth but pose risks, hence, the embrace of a national approach for safe adoption and usage, urging Ghanaians to participate in the trainings to enrich their knowledge.
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 noted that the initiative would focus on strengthening institutional capacity in blockchain and related technologies while promoting nationwide awareness of risks and building trust to support a safe digital financial ecosystem.
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.