The Bank of Ghana (BoG) is expanding the scope of its financial supervision to keep pace with the country’s rapidly evolving digital finance landscape, placing greater emphasis on cybersecurity, artificial intelligence (AI), cloud computing and virtual assets.
Speaking at the inaugural Financial Architecture Summit 2026 organised by the National Banking College in Accra, Governor Dr. Johnson Pandit Asiama said safeguarding financial stability now requires looking beyond the health of banks to the resilience of the entire digital financial ecosystem.
“The financial system we regulate today is no longer defined only by banks, balance sheets and banking halls. It is increasingly shaped by digital platforms, payment networks, technology providers and new forms of financial intermediation,” he said.
According to Dr. Asiama, the rapid growth of digital financial services means that risks are no longer confined to individual financial institutions. Instead, vulnerabilities can emerge through interconnected payment systems, telecommunications networks, cloud service providers and other technology platforms that support financial transactions.
He explained that a bank may be financially sound yet remain exposed if a key payment network, telecommunications provider or shared technology platform experiences a disruption.
Digital finance growth driving new risks
The Governor noted that Ghana’s digital finance ecosystem has expanded significantly in recent years.
In April 2026 alone, mobile money transactions reached GH¢493.2 billion across 967 million transactions. Active mobile money accounts stood at 26 million, supported by more than 534,000 active agents. During the same period, GhIPSS Instant Pay processed GH¢79 billion, while the number of point-of-sale terminals increased from just over 16,000 a year earlier to more than 23,000.
While these developments have improved financial inclusion and made payments more convenient, Dr. Asiama warned that they have also introduced more complex cybersecurity threats, digital fraud risks and operational vulnerabilities.
He identified growing dependence on cloud infrastructure, artificial intelligence and third-party technology providers as areas requiring stronger governance, accountability and data protection. He also pointed to the emergence of virtual assets, tokenised financial instruments and decentralised finance as innovations that offer opportunities but also pose significant regulatory and consumer protection challenges.
New supervisory approach
To address these evolving risks, the Bank of Ghana is shifting from supervising individual institutions to strengthening the resilience of the broader financial ecosystem.
Dr. Asiama said the revised Cyber and Information Security Directive, introduced in March 2026, reflects this new direction. The directive requires financial institutions to strengthen board-level oversight of cyber risks, establishes rules for the use of artificial intelligence in areas such as fraud detection, credit scoring and customer service, and provides guidance on cloud technology adoption.
“This Bank no longer supervises only capital adequacy ratios and liquidity positions,” he said, adding that protecting the confidentiality, integrity and availability of financial data has become equally important.
Focus on infrastructure and regulation
The Governor outlined three strategic priorities for the central bank: modernising financial infrastructure, updating the regulatory framework and strengthening supervisory resilience.
He disclosed that Ghana’s Open Banking initiative is at an advanced stage and will enable secure sharing of customer financial data, subject to customer consent, to encourage innovation, competition and greater consumer choice.
The Bank is also continuing work on the e-Cedi, exploring its potential use in wholesale payments and cross-border transactions to complement Ghana’s existing payment systems.
On regulation, Dr. Asiama revealed that the Bank has completed a Digital Banking Framework and accompanying draft guidelines, which will soon be presented for stakeholder consultation.
He also noted that Parliament passed the Virtual Asset Service Providers Act, 2025 (Act 1154), establishing a legal framework for virtual asset activities in Ghana. The Bank of Ghana and the Securities and Exchange Commission are currently developing licensing requirements and implementation guidelines to operationalise the new law.
Expanding cyber resilience
As part of efforts to strengthen sector-wide cybersecurity, the Governor announced that the Financial Industry Command Security Operations Centre will be expanded beyond universal banks to include savings and loans companies, microfinance institutions, fintech firms and other financial sector regulators.
“A financial ecosystem is only as strong as its weakest link, and a shield built around part of the sector is not a shield,” he said.
Dr. Asiama stressed that technology alone cannot guarantee a safe and resilient financial system.
He urged financial institutions to strengthen governance, risk management, cybersecurity, consumer protection and talent development, warning that innovation without adequate oversight could increase systemic risk.
“When technology advances faster than governance, opportunity can quickly become concentrated risk,” he said.
He added that while digital technologies will continue to transform financial services, sound judgment, ethical leadership and accountability remain essential to maintaining public trust.
The Governor concluded that Ghana’s financial architecture must be deliberately designed to support innovation while protecting consumers and preserving financial stability, emphasising that the success of the country’s digital economy will depend not only on technological advancement but also on resilient institutions and responsible governance.
