Bank of Ghana Debunks Reports of The Introduction of 1% Cybersecurity Levy

The Bank of Ghana (BoG) has denounced social media rumors claiming it will implement a one percent cybersecurity levy in response to increased cybersecurity risks. 

In a statement on its official social media channels, the central bank urged the public to disregard such reports.

However, the Governor of the Bank of Ghana, Dr. Ernest Addison, affirmed that the central bank is prepared to take decisive action against institutions found to be in violation of regulations. He emphasized that as the regulator, the Bank of Ghana is wholly dedicated to maintaining vigilant oversight of all financial institutions in Ghana.

That notwithstanding , he said, banks have continued to breach guidelines that have been set to ensure that the 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.

In his words,

“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.

“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”.