Cyber threats are rapidly undermining financial inclusion progress in Ghana, the central bank has warned, as digital fraud incidents surge and systemic vulnerabilities persist.
First Deputy Governor Dr. Zakaria Mumuni revealed financial losses from cyber fraud reached GH₵4.4 million in Q1 2025, nearly double the GH₵2.4 million recorded during the same period in 2024.
Speaking at the Africa Inclusion Policy Initiative roundtable in Accra on behalf of Governor Dr. Johnson Pandit Asiama, Mumuni stated over 21,000 cyber fraud attempts targeted Ghana’s financial sector in 2022 alone.
“Cybercrime is not a distant risk—it is a present danger,” Mumuni asserted. “Financial inclusion without system integrity is unsustainable.” He emphasized cybersecurity must transition from an IT concern to a strategic governance imperative, particularly as Ghana’s mobile money accounts exceed 70 million. Interpol estimates cybercrime costs Africa over US$4 billion annually.
The Bank of Ghana has implemented multiple countermeasures, including its 2018 cybersecurity directive for financial institutions. Over 40 institutions now connect to the Financial Industry Security Operations Center for real-time threat detection. However, annual assessments using NIST and COBIT 5 frameworks reveal persistent gaps. “In 2024, over 40 percent of assessed entities showed critical vulnerabilities—especially in access controls and incident response,” Mumuni noted.
The central bank is collaborating with Ghana’s Cybersecurity Authority, World Bank, Interpol, and Africa Cyber Security Resource Center on targeted interventions. It is also strengthening consumer protections through enhanced disclosure standards, expanded complaint systems, and financial literacy programs focusing on women, youth, and underserved communities. Civil society groups and religious organizations are enlisted for grassroots digital safety awareness.
Alliance for Financial Inclusion CEO Dr. Alfred Hannig echoed these concerns, noting a 150 percent increase in African cybercrime over the past year. “Cyber threats are escalating to systemic levels,” Hannig warned. “They’re targeting core financial infrastructure and threatening to undo years of progress.” AFI now integrates cybersecurity as a central pillar of its AfPI regional work plan, advocating cross-border intelligence sharing and regulatory harmonization.
Mumuni called for global cooperation through standard-setting bodies: “Let us embed cybersecurity into our inclusion strategies—not as an afterthought, but as a foundation. Resilience in one country protects us all.” This warning comes as Ghana advances gender-inclusive finance through initiatives like the African Development Bank’s AFAWA program and a newly launched Women’s Development Bank with GH¢51 million seed funding, while escalating cyber risks threaten to erode public trust in digital financial systems essential for inclusion.
