Experts Urge Development of Cybersecurity Transformation Plan for Financial Sector

Accra: Stakeholders in Ghana's financial ecosystem have called for the urgent development of a 2026-2030 Cybersecurity Transformation Plan to protect the country's rapidly expanding digital economy from escalating cyber threats. Mr Amenyo Tettey Normanyo, a Cyber Security Analyst, said the proposed plan should provide a clear strategic vision, modernised regulations, measurable milestones, and a unified defence posture for all financial institutions. According to Ghana News Agency, the framework should address critical areas such as governance, infrastructure, talent development, incident response, cloud security, and operational resilience. The call comes amid concerns that Ghana's fast-growing digital financial services-including banking, fintech, and mobile money platforms-are operating without a comprehensive cybersecurity roadmap, exposing the sector to sophisticated cybercrime syndicates and potential state-sponsored attacks. Although the Bank of Ghana has issued guidelines to strengthen cybersecurity , Mr Normanyo noted that the measures fall short of a long-term transformation blueprint comparable to frameworks in Singapore, the European Union, South Africa, and Nigeria. He warned that without sector-wide modernisation, Ghana risks economic destabilisation and loss of investor confidence in the event of a major cyberattack. 'Financial stability, investor credibility, and public trust depend on proactive action. Ghana cannot afford to celebrate digital transformation while neglecting the security foundations that sustain it,' he said. Mr Normanyo noted that reported cyber incidents affecting financial institutions across West Africa increased significantly between 2019 and 2024, highlighting a growing regional threat that could impact Ghana's financial stability. As Ghana positions itself as a digital leader in West Africa, he stressed that cybersecurity was not optional but a national imperative. 'We urge national leaders, regulators, and industry stakeholders to prioritise the development of this tran sformation plan to safeguard the financial sector and maintain investor confidence,' he added.