The Bank of Ghana is stepping up efforts to combat the rising threat of digital and cyber-related fraud, which led to nearly GH¢10 million in financial losses in 2024 alone.
Speaking at a stakeholder forum held on May 7, 2025, at Bank Square in Accra, First Deputy Governor Dr. Zakari Mumuni outlined the growing risks facing Ghana’s financial ecosystem.
The event brought together representatives from banks, mobile money operators, and regulatory bodies to address what the Bank views as an increasingly urgent threat to financial stability.
He cited findings from the Bank’s 2024 fraud report, which showed a significant rise in both the number and impact of cyber incidents. Losses jumped from GH¢8.9 million in 2023 to just under GH¢10 million last year, with attackers frequently exploiting technology vulnerabilities that are hard to trace and often originate outside Ghana’s borders.
To stay ahead of these evolving threats, the Bank is updating its Cyber and Information Security Directive, originally introduced in 2018. The revised framework will incorporate emerging challenges related to artificial intelligence, cloud-based systems, data privacy, and digital infrastructure governance.
Dr. Mumuni said the updated directive is being designed with flexibility in mind to accommodate the varying capabilities of different financial institutions. In addition, the Bank is expanding the role and coverage of its Financial Industry Command Security Operations Centre (FICSOC)—a platform that tracks cyber threats and shares intelligence across the banking sector.
FICSOC, which has so far been limited to commercial banks, will soon cover the entire spectrum of licensed financial institutions, including microfinance entities, savings and loans companies, insurers, pension managers, and capital market players.
As part of a broader national cybersecurity strategy, the Cyber Security Authority has designated the Bank of Ghana as the lead Sectoral Computer Emergency Response Team (CERT) for the financial sector. This places the Bank at the center of coordinating real-time responses to cyber threats and ensuring secure information exchange across the industry.
Dr. Mumuni stressed the importance of a collective approach to cybersecurity.
“We must share intelligence, align standards, and build systems that can protect the integrity of the financial sector and the trust of those who use it,” he said.
He warned that the interconnected nature of financial platforms means vulnerabilities in one institution could ripple across the entire system. To safeguard the broader network, the Bank is working to provide all licensed institutions—including rural banks and mobile money providers—with basic cyber-monitoring tools and early warning systems.
This, Dr. Mumuni said, is essential not just for protecting institutions, but also for maintaining customer trust and confidence in Ghana’s formal financial system.
