Ghana: Bank of Ghana Dismisses Rumors of 1% Cybersecurity Levy

Bank of Ghana Dismisses Rumors of 1% Cybersecurity Levy
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The Bank of Ghana (BoG) has refuted circulating rumors on social media suggesting the implementation of a one percent cybersecurity levy to counter escalating cybersecurity threats.

Through official statements across its social media platforms, the central bank has urged the public to disregard such speculations.

Governor of the Bank of Ghana, Dr. Ernest Addison, affirmed the institution’s readiness to take resolute action against any entities found flouting regulations. He stressed the BoG’s unwavering commitment as the regulatory body responsible for overseeing all financial institutions in Ghana.

Dr. Addison underscored the importance of adhering to established guidelines to ensure the safety and integrity of the banking system. Despite regulatory efforts, he lamented ongoing breaches by banks, which undermine the system’s resilience and expose it to various forms of financial crime, including money laundering, fraud, terrorist financing, corruption, market manipulation, insider dealings, and cybercrime.

In his statement, Dr. Addison reiterated the BoG’s dedication to safeguarding depositors’ interests while upholding the stability and solidity of the banking sector. He emphasized the imperative of regulatory compliance among banks to foster trust and confidence in Ghana’s financial institutions.

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