In an address to the Chartered Institute of Bankers, Ghana’s 30th National Banking and Ethics Conference, Bank of Ghana Governor Johnson Pandit Asiama stressed that boards and senior management must take responsibility for ethical conduct, cybersecurity and the responsible use of technology. Technological investment cannot compensate for weak leadership or compromised internal controls. The address was delivered on his behalf by Bernard Otabil, the central bank’s director of communications.
Ghana’s financial sector cleanup from 2017 to 2019 highlighted how poor governance, insider dealings and weak risk management can undermine institutions and public confidence. The subsequent Corporate Governance Directive of 2018 places responsibility on boards for risk management, internal controls and oversight of related party transactions, supported by independent risk and audit functions. Digitalisation adds vulnerabilities that require attention beyond technical defenses. Cyber risks identified in the central bank’s 2025 Annual Report included weak security configurations, stolen credentials and takeovers of active user sessions. Banks must regularly train staff, restrict access privileges according to operational responsibilities, and promptly identify and escalate suspicious activity.
Safeguards must also be embedded in the design and deployment of digital products. Customer data requires protections covering privacy, consent and confidentiality, while artificial intelligence used in credit assessment, customer profiling and fraud detection requires safeguards against bias and unfair outcomes. Customers must understand product costs and risks. For virtual assets, the Virtual Asset Service Providers Act, 2025 provides an existing regulatory foundation for addressing risks including money laundering, terrorist financing and market abuse.