Bank of Ghana initiates thematic reviews of bank cybersecurity compliance

The Bank of Ghana (BoG) has announced plans to conduct thematic reviews across the banking sector to assess compliance with its revised Cyber and Information Security Directive. Governor Dr. Johnson Pandit Asiama disclosed the upcoming regulatory action, emphasizing that the central bank is intensifying its oversight to counter the growing threat of digital fraud and cybercrime. The announcement was made during the 43rd Annual General Meeting of the Ghana Association of Banks (GAB) held in Accra.

The move comes as financial institutions increasingly transition to digital platforms, a shift that has expanded the attack surface for cyber threats. Governor Asiama urged financial institutions to elevate cybersecurity from a technical IT concern to a core business risk. By integrating cybersecurity into their primary risk-management frameworks, banks are expected to better anticipate and mitigate vulnerabilities that could compromise customer funds or systemic stability.

The thematic reviews are designed to evaluate how effectively banks have implemented the updated security protocols mandated by the central bank. These assessments aim to bolster the overall resilience of the financial sector, ensuring that institutions remain robust against evolving digital tactics. During the same event, the Ghana Association of Banks also marked a milestone with the launch of the sixth edition of the GH Bankers’ Voice magazine, which provides industry insights and professional perspectives.

This regulatory push highlights the Bank of Ghana's commitment to maintaining public confidence in the digital financial ecosystem. As Ghana's banking sector continues to innovate with mobile and online services, the BoG’s proactive reviews serve as a critical safeguard. Moving forward, banks will be expected to demonstrate continuous improvement in their security posture to align with both national directives and international best practices.