Non-compliant banks, PSPs risk penalties under monthly cyber report guidelines – Sam George

The Minister for Communication, Digital Technology and Innovations, Sam Nartey George, has issued a stern warning to financial institutions and payment service providers over failure to comply with mandatory monthly cybersecurity reporting.

Speaking at the launch of the Cyber and Information Security Directive, Mr. George said strict adherence to the reporting requirements will no longer be optional. Institutions that fail to comply, he warned, will face sanctions.

“This directive is a critical step in safeguarding Ghana’s digital financial ecosystem. Compliance is not optional, and any failure to submit monthly reports will attract the full force of regulatory action,” he said.

The move is aimed at protecting consumers and businesses from rising cyber threats, which have increasingly targeted Ghana’s growing digital finance sector.

Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, emphasized the importance of closer collaboration between financial institutions and regulatory bodies to combat cyber risks effectively.

“Cyber threats are evolving rapidly, and a coordinated approach is critical to maintaining trust and stability in our financial systems,” Dr. Asiama said.

Chief of Staff Julius Debrah also weighed in, noting that security within the financial sector must be a top priority.

“Ghana’s financial institutions must place cybersecurity at the forefront of their operations to safeguard the economy and the interests of consumers,” he said.

The new directive is part of the government’s broader strategy to strengthen digital infrastructure and improve oversight in Ghana’s rapidly growing fintech and banking sectors. Analysts say the policy is likely to increase accountability and ensure institutions proactively detect and respond to cyber threats.

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