The Bank of Ghana (BoG) says it will undertake thematic reviews of banks’ compliance with its revised Cyber and Information Security Directive amid growing concerns about digital fraud, cyber threats and other risks associated with digital financial services.
Dr Johnson Pandit Asiama, Governor of the Bank of Ghana, said cybersecurity, data protection, cloud computing, third-party dependencies, and operational resilience were receiving increasing supervisory attention.
He announced the planned reviews at the 43rd Annual General Meeting of the Ghana Association of Banks in Accra.
“Digitalisation is transforming financial services. It has improved efficiency, convenience and financial inclusion, but it has also created new channels through which risks can emerge,” he said.
Dr Asiama said the Bank had continued to work with the Ghana Association of Banks and industry players to facilitate the implementation of the revised Cyber and Information Security Directive.
He urged bank boards and senior management to treat cybersecurity and operational resilience as core business risks rather than merely technology issues.
The changing financial environment required institutions to strengthen their risk-management frameworks and prepare for emerging threats.
Regulatory and supervisory frameworks, he said, must continue to evolve alongside technological developments and increasingly interconnected financial risks.
The planned reviews form part of the Bank’s broader supervisory efforts to strengthen the resilience of financial institutions as digitalisation reshapes the banking sector.
The meeting also marked the launch of the sixth edition of the GH Bankers’ Voice magazine.