BoG Governor Urges Financial Institutions to Boost Cybersecurity Amid Rising Threats

The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has issued a stern warning to financial institutions in the country about the increasing threat of cyberattacks.

Speaking at the Chartered Institute of Bankers, Ghana’s (CIB) Governors Day event in Accra, Dr. Addison highlighted the dual nature of digital platforms—offering immense opportunities for financial growth but also exposing vulnerabilities to cybercriminals.

During his address, which focused on the theme “Resilience in the Financial System: Navigating Horizon Risks,” the Governor underscored the importance of investing in robust cybersecurity measures to protect financial institutions and their customers.

He pointed to the recent cyberattack on the Central Bank of Uganda, which resulted in a staggering $16.8 million loss, as a stark reminder of what can happen when security measures are not up to standard.

Dr. Addison emphasized that while the use of digital platforms has revolutionized banking, it has also created new risks that need to be addressed urgently.

Financial institutions, he said, must prioritize cybersecurity to avoid potentially catastrophic consequences.

Reflecting on his seven years at the helm of BoG, Dr. Addison also discussed the numerous challenges faced by the bank, including the negative impact of disinformation, external economic shocks, and fiscal policy responses that have affected Ghana’s economic stability.

He noted that Ghana’s financial institutions are particularly vulnerable to external shocks due to their heavy reliance on government bonds and securities.

To address this, Dr. Addison urged financial institutions to shift their focus towards lending to the private sector to stimulate economic growth and reduce dependence on government-backed securities.

He also stressed the need for banking professionals to uphold the highest ethical standards, ensuring trust and integrity in the financial system.

Mr. Robert Dzato, CEO of CIB-Ghana, commended Dr. Addison for his leadership and efforts in shaping banking professionalism, particularly through the successful implementation of the Ethics Certification Programme, which has been adopted by 11 banks and completed by over 68,000 banking staff.