The Bank of Ghana (BoG) has announced plans to conduct thematic reviews of banks' compliance with its revised Cyber and Information Security Directive. This move comes as the banking sector's assets have reached GH¢500 billion, with a 20.47 percent annual jump. BoG Governor Dr Johnson Pandit Asiama made the announcement at the 43rd Annual General Meeting of the Ghana Association of Banks in Accra. The reviews aim to assess how well banks protect customers from cyber fraud.
The banking sector's rapid growth has led to increased attention on cybersecurity and digital risks. Dr Asiama emphasized that cybersecurity, data protection, cloud computing, third-party dependencies, and operational resilience are receiving increasing supervisory attention from the central bank. The BoG has been working with the Ghana Association of Banks and other industry players to implement the revised Cyber and Information Security Directive.
The directive sets minimum standards for banks and other regulated financial institutions to protect their information systems, customer data, and digital infrastructure from cyber threats. The BoG's move signals that regulators are paying closer attention to how well banks guard mobile money transfers, online banking logins, card transactions, and other digital services against fraud and breaches.
As more Ghanaians shift everyday banking onto phones and apps, the strength of a bank's cyber defences increasingly determines whether customers' funds and personal data stay secure. Dr Asiama urged bank boards and senior management to treat cybersecurity and operational resilience as core business risks rather than purely technical matters handled by IT departments.
The planned reviews will assess banks' compliance with the revised directive and their ability to manage emerging threats. The BoG is also drafting rules around artificial intelligence use in banking, suggesting a broader pattern of tightening oversight of technology-driven risks as the sector expands rapidly.
The banking sector's growth has brought new challenges, including the need for stronger risk-management frameworks and preparedness for emerging threats. The BoG's regulatory and supervisory frameworks must keep evolving alongside technological developments and increasingly interconnected financial risks.
The BoG's thematic reviews are expected to ensure that banks prioritize cybersecurity and operational resilience. The central bank's efforts aim to maintain trust in the banking sector and protect customers' funds and personal data in the face of growing digital fraud risks.
Key points
- The Bank of Ghana will conduct thematic reviews of banks' compliance with its revised Cyber and Information Security Directive.
