Ghana’s central bank on Wednesday announced that it had initiated the process to firm up cybersecurity in the financial sector amid the growing threats that come with new technology, innovations, and development.
Zakari Mumuni, First Deputy Governor of the Bank of Ghana, disclosed this during an engagement with industry players at the Financial Industry Command Security Operations Centre (FICSOC) at the central bank.
Mumuni said the central bank is expanding the operations of FICSOC, an initiative initiated in 2023 to insulate financial institutions against cyber threats.
“The Bank of Ghana has also initiated a process to revise the Cyber and Information Security Directive. The updated directive will address emerging risks tied to artificial intelligence, data privacy, cloud computing, and digital governance,” he added.
These steps, according to the official, are critical because while the digital revolution has transformed financial systems, opening pathways to innovation, it has also opened the sector up to vulnerability.
The deputy governor noted that, cyber and technology-related fraud losses increased to 10 million Ghana cedis (about 753,000 U.S. dollars) in 2024, up from 8.9 million cedis (670,000 dollars) the previous year.
“As we embrace the promise of digital inclusion, we must also confront the risks it brings, particularly in the realm of cybersecurity. Every new doorway to financial empowerment can also become an entry point for malicious actors,” Mumuni stressed.
He cautioned that cyber risks are unlike any other. “They are stealthy, adaptive, and borderless. A single weakness in one institution can cascade into systemic threats, amplified by the very interconnectedness we rely upon for efficiency and scale.”
A breach in one part of our financial ecosystem could compromise operations, security, and the privacy of stakeholders across multiple institutions, including regulators, partners, vendors, and customers alike, added the official.
Mumuni, therefore, urged players in the financial sector to join hands with the central bank, collaborate among themselves, and enhance their internal systems to ensure a robust cybersecurity system that protects the financial industry.