Influencers and cryptocurrency advocates operating in Ghana have been warned to obtain formal authorisation from the Securities and Exchange Commission (SEC) and the Bank of Ghana (BoG) before promoting or endorsing virtual assets, or risk facing sanctions.
The caution was issued by the Deputy Director-General of the SEC, Mensah Thompson, during the National Virtual Asset Literacy Programme organised for Virtual Asset Market Operators. According to him, the growing influence of digital content creators in the crypto space makes regulatory oversight necessary to protect investors and preserve market integrity.
Mr Thompson explained that the cryptocurrency market remains highly volatile and susceptible to misinformation, particularly when promotions are driven by unregulated endorsements on social media platforms.
“The crypto space is very volatile. That is why provisions have been made in the law to regulate advocacy, advertising and promotion of crypto assets,” he said. “If you are an influencer and intend to operate in that space, you must contact the SEC or the Bank of Ghana, depending on your area of interest, for the necessary approvals and guidance.”
He stressed that influencers who promote virtual currencies, tokens or related investment opportunities without regulatory clearance will be held accountable under existing laws. Failure to comply, he warned, will attract sanctions.
The directive forms part of broader efforts by regulators to sanitise Ghana’s emerging digital asset ecosystem, which has witnessed rapid growth in recent years. With more Ghanaians turning to cryptocurrencies as alternative investment vehicles, authorities have expressed concern over the risks posed by unverified claims, unrealistic profit guarantees and misleading marketing tactics.
Mr Thompson noted that unregulated promotions could expose unsuspecting investors to significant financial losses, particularly in a market where price swings are frequent and asset values can change drastically within short periods.
He added that the SEC and the BoG are committed to ensuring responsible innovation in the financial sector, while safeguarding the interests of the public. This, he said, requires collaboration between regulators, market operators and influencers who play a key role in shaping public perception of digital assets.
The National Virtual Asset Literacy Programme is part of ongoing initiatives aimed at educating stakeholders on regulatory requirements, consumer protection and best practices within the virtual asset space. Regulators believe that increased awareness will help curb abuses and promote transparency in the fast-evolving market.
Author: Edem Latsu Nukafu
Edem Latsu Nukafu, a passionate communications professional dedicated to public relations, journalism, media strategy, and content development. He holds both a Diploma and Bachelor of Arts Degree in Communication Studies (Public Relations) from the University of Media, Arts and Communication – UniMAC-IJ. A member of Ghana Journalists Association (GJA).
