The Bank of Ghana (BoG) has rebutted rumors circulating on social media alleging its intention to implement a one percent cybersecurity levy, purportedly in response to increased cyber threats.
The central bank clarified that these reports are unfounded and urged the public to disregard them.
In the meantime, Dr. Ernest Addison, the Governor of the Bank of Ghana, emphasized the institution’s readiness to take stern action against entities found in violation of regulations.
Asserting its regulatory role, Dr. Addison stated that the Bank of Ghana is dedicated to maintaining a vigilant approach in overseeing all financial institutions operating in Ghana.
Despite this commitment, Dr. Addison noted persistent breaches by banks, which undermine efforts to uphold the safety and integrity of the banking system. These breaches encompass various forms of financial misconduct, such as money laundering, fraud, terrorist financing, corruption, market manipulation, insider dealings, and cybercrime.
“As the regulator, the Bank of Ghana is fully committed to remain vigilant in its oversight operations of all financial institutions in Ghana. Notwithstanding this, Banks have continued to breach guidelines that have been set to ensure that our banking system remains safe and sound and free from all facets of financial crime including money laundering, fraud, terrorist financing, corruption, market manipulation, insider dealings and cybercrime,” he said.
“Let me note that, to protect depositors, while ensuring the stability and soundness of the banking system, the Bank of Ghana will continue to be vigilant to ensure that banks comply with regulatory requirements and guidelines to build trust and confidence in our financial institutions,” he said at an event for Name change Galla Dinner for FBN Bank, in Accra on Thursday May 2.
He added that the operations and services within the banking sector are swiftly changing, propelled by advancements in financial technology.
According to him, the rise of fintech companies in the financial landscape, along with their introduction of creative financial products and services, has revitalized the integration and spread of technology across all aspects of banking operations. This, in turn, has bolstered efforts towards achieving financial inclusion goals.