The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has stated that effective regulation and enforcement in the financial sector cannot be achieved by regulators acting alone.

Speaking in the context of the recently passed Virtual Asset Service Providers Act, Dr Asiama described the legislation as a major milestone in the development of Ghana’s financial system.

He explained that the Bank of Ghana and the Securities and Exchange Commission (SEC), which have been designated as regulators under the Act, are currently working to put in place the necessary structures, systems and processes to ensure the smooth and timely implementation of the law.

“The Bank of Ghana and the Securities and Exchange Commission, as the regulators designated under the Act, are focused on establishing the requisite frameworks to address regulatory gaps and risks. At the Bank of Ghana, we recognise that regulation and enforcement cannot be effectively carried out by regulators alone,” he said.

Dr Asiama stressed that the broader ecosystem must be properly prepared through a clear understanding of virtual asset activities, their implications and the risks associated with them. He noted that this calls for urgent public education, strong consumer protection measures and enhanced regulatory readiness.

To address these needs, he said the National Virtual Asset Literacy Initiative (NaVALI) has been introduced. According to him, the initiative is founded on the principle of “understand before you undertake,” positioning virtual asset education as a key pillar of a safe and resilient digital economy.

Dr Asiama explained that NaVALI is a structured programme led by the Bank of Ghana in collaboration with the Securities and Exchange Commission, as well as academic and industry partners. The initiative is guided by two main policy objectives: to strengthen institutional capacity in virtual assets and enabling technologies such as blockchain to support effective regulation, supervision and policy development; and to promote nationwide awareness of the risks and implications of virtual assets to discourage uninformed and risky adoption.

He made these remarks during the formal launch of NaVALI at the Bank Square in Accra.

Officially launching the initiative, Dr Asiama said the programme represents a decisive step towards building a well-informed virtual asset ecosystem in Ghana.

He also commended the Virtual Asset Regulatory Office, partner institutions and all stakeholders involved in developing the initiative, describing their collaboration as essential to the success of the programme.

Dr Asiama emphasised that the effective implementation of NaVALI would require continuous cooperation among regulators, industry players, educators, civil society organisations and the media to ensure a resilient and responsible virtual asset environment in the country.