Cybersecurity Threats in Ghana’s Financial Sector on the Rise: Experts Warn of Dangers Ahead

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Ghana is facing a growing threat from cybercrime, with millions of citizens going online daily. As a result, the country is taking proactive measures to safeguard its cyberspace against hackers, scammers, and extremists.

The Battle Against Cyber Threats

The Ghanaian government has taken several steps to combat online threats. The Cyber Security Authority (CSA) and National Computer Emergency Response Team (CERT-GH) are on the front line of fighting cybercrime, tracking threats in real-time and coordinating responses to major events. The CSA has also introduced licensing requirements for cybersecurity firms and audits critical information infrastructure owners to ensure compliance with security mandates.

International Recognition

Ghana’s approach has earned international recognition, with the country jumping from 89th place to 43rd on the International Telecommunications Union’s Global Cybersecurity Index. Ghana is among just seven African countries in the top 50 globally, joining Egypt, Mauritius, Morocco, Nigeria, Tanzania, and Tunisia.

The Secret to Success

Experts attribute Ghana’s success to its civilian-led cybersecurity network, which has brought tremendous growth in cyber capabilities and reinforced trust between the government and citizens. By placing cybersecurity in civilian hands rather than national security officials, Ghana has built public confidence in the system.

The Role of the Ghana Armed Forces

The Ghana Armed Forces (GAF) is also playing a key role in the country’s strategy, with efforts underway to ensure all personnel understand cyber threats and their impact on mission readiness. As part of this effort, the GAF is transitioning to a “paperless” work environment, making cybersecurity all the more important.

Financial Sector Under Attack

With recent increases in online banking and digital money, financial institutions have become major targets for cyberattacks. Ghana’s campaign to protect its online community has already seen a significant reduction in cyber fraud cases, from 174 in 2018 to fewer than 30 two years later.

Collaboration Across Sectors

The Bank of Ghana and the CSA are working together to find and stop cyberattacks against financial institutions, with plans to issue a statement outlining their joint efforts. Experts warn that cybersecurity is no longer just an IT issue, but a critical national security concern that requires collaboration across sectors.

International Cooperation

Ghana has also earned recognition from international organizations, with the country joining major treaties such as the Budapest and Malabo conventions to address cybersecurity’s international aspects. The African Union has also recognized Ghana’s efforts, announcing plans for cooperation on cybersecurity issues with other countries on the continent.

Warning from Experts

As the global cybersecurity landscape continues to evolve, experts warn that the risks are increasing exponentially. With cybercrime costs set to rise, Ghana’s proactive approach is a model for other African countries to follow. As Abdul-Hakeem Ajijola, Nigerian cybersecurity expert and leader of the Strategic Road Map Action Plan Committee of the Nigeria Data Protection Bureau, notes: “All relationships require trust rooted in confidence built upon stability and anchored in security.”