Accra: The Ghana Association of Banks (GAB) is advocating for both commercial banks and non-commercial financial institutions in the country to prioritize cybersecurity as a 'core business infrastructure' rather than merely a compliance requirement.
According to Ghana News Agency, Mr. John Awuah, the Chief Executive Officer (CEO) of the Association, has called on industry leaders to consider technology as intrinsic to their business operations, emphasizing its role as both an enabler and backbone of financial activities. This initiative aligns with the banking sector's adoption of the Bank of Ghana's revised Cyber and Information Security Directive (2026), which seeks to fortify the digital financial ecosystem and shield the sector from growing cyber threats.
At the launch of the new directive in Accra, Mr. Awuah highlighted that while digital technology has transformed banking, it also presents new threats that require serious attention. He stated, 'This cultural shift within the banking community reflects a broader recognition that resilience against cyber threats is not optional but integral to sustaining customer trust and financial stability.'
Mr. Awuah expressed support for the government's efforts to extend cybersecurity measures to fintechs, payment service providers (PSPs), and other financial entities, warning that a single vulnerability could compromise the entire ecosystem. He stressed the importance of collaboration among banks, regulators, and fintech institutions to ensure the protection of customer deposits, which hinges on robust investment in secure systems.
He further argued that cybersecurity is becoming embedded in the DNA of banking operations, calling for strong, proactive, and unified defensive strategies among the Central Bank and other stakeholders. Embedding cybersecurity into infrastructure, he noted, indicates banks' readiness to tackle threats directly, thereby ensuring the security of Ghana's financial system in the digital age.
Mr. Zakari Mumuni, the First Deputy Governor of the Bank of Ghana, emphasized that adapting cybersecurity to current trends is crucial for national and economic security, moving beyond the traditional view of it as merely a technical issue. He pointed out that the Central Bank has made deliberate efforts to enhance financial stability, acknowledging emerging risks as the financial landscape evolves.
The updated directive addresses vulnerabilities associated with cloud technologies, third-party platforms, artificial intelligence, and digital data ecosystems, reflecting the dramatic changes since the previous 2018 directive. 'Cyber incidents are no longer distant threats but daily realities. Preparedness is the key to resilience,' Mr. Mumuni remarked, emphasizing the need for proactive measures through shared responsibility among all stakeholders in the financial industry.