The Bank of Ghana (BoG) has announced that it will undertake thematic reviews of banks’ compliance with its revised Cyber and Information Security Directive.
The decision comes amid growing concerns about digital fraud, cyber threats and other risks linked to the rapid expansion of digital financial services across the country.
Speaking at the 43rd Annual General Meeting of the Ghana Association of Banks in Accra, the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, emphasised that cybersecurity, data protection, cloud computing, third-party dependencies and operational resilience are now receiving heightened supervisory attention.
These areas, he noted, have become central to the stability and integrity of the financial system as more customers and institutions rely on digital platforms for everyday transactions.
Dr Asiama made it clear that the planned reviews form part of a broader supervisory strategy designed to strengthen the resilience of financial institutions at a time when digitalisation is fundamentally reshaping the banking sector.
He stressed that the Bank of Ghana has continued to collaborate closely with the Ghana Association of Banks and other industry players to facilitate the smooth implementation of the revised Cyber and Information Security Directive.
This ongoing partnership, he said, is essential to ensuring that regulatory expectations are clearly understood and effectively applied across the industry.
In his address, the Governor underscored the dual nature of technological progress in finance. “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.
The remark captured the central tension facing regulators and banks alike: the same innovations that expand access and speed up services also open new avenues for fraud, data breaches and operational disruption.
Dr Asiama urged bank boards and senior management to treat cybersecurity and operational resilience as core business risks rather than purely technical or information-technology issues.
He argued that the changing financial environment demands stronger risk-management frameworks and greater preparedness for emerging threats.
Boards, he suggested, must take ownership of these risks at the highest level, embedding them into strategy, governance and resource allocation rather than delegating them solely to technology teams.
The Governor further observed that regulatory and supervisory frameworks must continue to evolve in step with technological developments and the increasingly interconnected nature of financial risks. As banks adopt cloud services, rely on third-party providers and expand digital channels, the potential for systemic vulnerabilities grows. Thematic reviews, he indicated, will allow supervisors to assess how well institutions are identifying, mitigating and monitoring these risks in practice.
The planned reviews are expected to examine the practical implementation of the revised directive, focusing on areas such as incident response readiness, data protection measures, the security of cloud environments and the management of third-party dependencies.
By conducting these assessments, the Bank of Ghana aims to identify gaps, share good practices and reinforce the overall cyber resilience of the banking sector.
The Annual General Meeting also provided the platform for the launch of the sixth edition of the GH Bankers’ Voice magazine. The publication serves as an important channel for sharing insights, industry developments and thought leadership within the banking community.
Its release at the same gathering underscored the association’s commitment to fostering informed dialogue on the challenges and opportunities facing Ghana’s financial institutions.
Overall, Dr Asiama’s remarks highlighted the Bank of Ghana’s determination to keep pace with digital transformation while safeguarding the stability of the financial system.
Through closer collaboration with industry, clearer regulatory guidance and targeted supervisory reviews, the central bank seeks to ensure that the benefits of digitalisation are realised without compromising the security and resilience of the banking sector.
