Virtual assets without literacy are dangerous – BoG

The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has warned that participation in virtual asset activities without adequate knowledge poses serious risks to individuals and the broader financial system.

He issued the caution on Friday, January 23, 2026, at Bank Square in Accra, during the launch of the National Virtual Asset Literacy Initiative (NaVALI), a programme designed to improve public understanding of virtual assets and their associated risks.

According to Dr Asiama, the rapid growth of virtual assets has created new opportunities, but also exposed users to dangers when adoption is driven by hype rather than informed decision-making.

“Understand before you undertake — positioning virtual asset literacy as the foundation for a safe digital economy,” the Governor said.

He stressed that while Ghana has taken steps to establish a legal framework through the passage of the Virtual Asset Service Providers Act, regulation alone cannot shield the public from losses arising from ignorance or misinformation.

“At the Bank of Ghana, we acknowledge that effective regulation and enforcement cannot be achieved by regulators alone,” Dr Asiama stated, noting that the entire ecosystem must be prepared to understand how virtual assets function and the risks they carry.

The Governor explained that NaVALI was introduced to bridge the knowledge gap by promoting nationwide education on virtual assets, blockchain technology and emerging digital financial products. He said the initiative places consumer protection at the centre of Ghana’s digital finance strategy.

Dr Asiama disclosed that the Bank of Ghana, together with the Securities and Exchange Commission, has been designated under the new law to regulate virtual asset activities. He added that work is ongoing to operationalise the Act and strengthen supervisory systems.

According to him, NaVALI is built on two main objectives: strengthening institutional capacity among regulators and stakeholders, and equipping the public with the information needed to avoid uninformed and risky engagement in virtual asset schemes.

“NaVALI is anchored on a simple but important principle: understand before you undertake,” he reiterated.

He called on Ghanaians to approach virtual assets with caution and curiosity, urging them to seek knowledge before committing resources.

“To the Ghanaian public, I say this: participate, learn, ask questions, and engage responsibly,” Dr Asiama said.

He concluded that Ghana’s digital financial future must be grounded in literacy, accountability and trust, warning that without proper understanding, virtual assets could do more harm than good.

The launch of NaVALI was attended by officials from regulatory bodies, industry players, academic institutions and other stakeholders in the financial and technology sectors.