The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has urged African countries to prioritise investment in human capacity to strengthen cybersecurity and digital finance systems.
He explained that technology alone could not solve the continent’s cybersecurity challenges, and that skilled and committed professionals remained the most critical line of defence.
Dr Asiama stated that institutions such as the West African Institute for Financial and Economic Management (WAIFEM), the African Union and ECOWAS were playing instrumental roles in developing shared training programmes, promoting best practices and building regional cyber intelligence networks.
The course
This was contained in a speech read on behalf of Dr Asiama by the acting Head of Cyber and Information Security at the BoG, Daniel Klu, during the opening of the regional course on cyber security, crypto, and digital currencies in Accra last Thursday.
The course was organised by the West African Institute for Financial and Economic Management (WEIFEM) in collaboration with the BoG.
Among the participants were policymakers and technical experts from across West Africa to enhance their strategic understanding and practical skills in managing digital finance risks — covering areas such as cybersecurity principles, threat intelligence and the regulatory and operational dimensions of digital currencies.
The course was designed not only to raise awareness but also to foster actionable knowledge.
Central digital currencies
Dr Asiama stated that across the world, central banks were experimenting with central bank digital currencies (CBDCs) to enhance efficiency, reduce transaction costs and deepen financial inclusion.
He explained that over 130 countries, representing more than 98 per cent of global gross domestic product (GDP), were exploring or piloting digital currencies.
For Africa, he said, the potential was immense.
This, he said, was because well-designed digital currency could facilitate faster and cheaper cross-border payments, improve monetary policy transmission, reduce the informal cash economy and strengthen transparency in public financial management.
However, he said these benefits were not automatic because the success of any digital currency initiative depended on a robust cybersecurity architecture, legal clarity, effective data privacy safeguards and robust consumer protection frameworks.
He said a digital currency that was vulnerable to cyber attacks or manipulation could undermine financial stability and public confidence, outcomes that no central bank could afford.
“In Ghana, our pilot e-Cedi project reflects our commitment to striking a balance between innovation and prudence.
“We have approached digital currency development through a risk-based lens, ensuring that interoperability, data security and inclusion are prioritised from the outset,” he said.
Digital transformation
The Director in charge of Financial Sector and Payment Department at WAIFEM, Amaduo Koora, said as economies continued to undergo digital transformation, driven by fintech innovation, e-commerce and the growing use of digital currencies and cryptocurrencies, the risks associated with this transformation were also evolving rapidly.
He said cyber threats were growing in scope, scale and sophistication, posing a significant challenge to the resilience of our financial systems, the integrity of our data and the security of our nations.
He said the stability of economies now depended not only on sound fiscal and monetary policies but also on how effectively authorities anticipated, prevented and responded to these digital-age threats.
“As financial institutions, central banks and governments across our region accelerate their digitalisation efforts, the need for robust frameworks to safeguard data, digital infrastructure and payment systems has never been greater,” he added.
