Cybersecurity directive launched to safeguard Ghana’s financial sector

The Chief of Staff, Mr. Julius Debrah, has emphasized that cybersecurity must be treated as a pillar of economic stability, urging Ghana’s financial sector to embed cyber resilience at the core of its operations to safeguard public trust and national development.

Speaking at the launch of the Bank of Ghana’s Cyber and Information Security Directive (CISD) 2026 in Accra on Thursday, he warned that as the financial sector becomes increasingly technology-driven, cyber risks now pose significant threats to businesses, investments, and everyday economic activity.

Mr. Debrah praised the central bank for establishing a robust regulatory framework to enhance preparedness, detect threats, and respond effectively, describing the directive as a major step toward building a secure and trusted digital financial ecosystem.

The Minister for Communication, Digital Technology and Innovations, Mr. Samuel Nartey George reaffirmed government’s commitment to positioning the Ministry as an enabler of Ghana’s digital economy.

He noted that financial institutions now view technology not just as an enabler but as the core of their business models. Commending the Bank of Ghana’s leadership in cybersecurity coordination, he described its sectoral Computer Emergency Response Team (CERT) as one of the most effective in the country.

Mr. George stressed the importance of onboarding all financial technology firms into the cybersecurity framework and announced that all licensed entities under the central bank would soon be designated as Critical Information Infrastructure to strengthen compliance enforcement.

He further reiterated government’s policy on data sovereignty, emphasizing that sensitive financial data must be stored within Ghana to ensure business continuity and national security.

On his part, the Governor of the Bank of Ghana, Dr. Johnson Asiama, defined the CISD 2026 as a transformative framework aimed at building a safer and more resilient digital financial industry.

He noted that while the central bank’s traditional mandate focused on price stability and financial soundness, the digital era now demands equal attention to safeguarding the confidentiality, integrity, and availability of data that underpins the economy.

Dr. Asiama mentioned that rapid advancements in mobile money, cloud computing, and artificial intelligence have expanded financial inclusion but also introduced complex cybersecurity risks, including ransomware attacks and systemic data breaches. The revised directive, he said, moves beyond basic compliance to promote active and collective cyber resilience across the sector.

He outlined key features of the directive including governance frameworks for artificial intelligence, stricter cloud computing security protocols, proportional regulatory requirements based on institutional size and risk, and mandatory board-level accountability for cybersecurity.

The Governor also acknowledged the expansion of the Financial Industry Security Operations Centre (FICSOC) to cover all financial institutions, including fintechs and microfinance entities, creating a unified national defence system.

He emphasized that sustaining such infrastructure would require a shared responsibility model across the industry, ensuring continuous investment in advanced technologies and skilled personnel.