Business News of Friday, 19 February 2021
Source: thebusiness24.com.gh
2021-02-19
Governor of the Bank of Ghana, Dr. Ernest Addison
The Bank of Ghana (BoG) has asked banks to guard against possible risks to their business from the COVID-19 pandemic.
Speaking at a webinar this week on managing banking risks in uncertain times, organised by the Ghana Association of Bankers (GAB), Governor of the central bank Dr. Ernest Addison highlighted three major risks that the pandemic has unearthed or intensified, which must be efficiently managed by banks to avoid any unintended consequences on the industry.
These are risks related to cybersecurity, credit and operations, he said.
The pandemic, according to him, has boosted the move towards digital transactions and financial inclusion; however, it has also brought in its wake a heightened sense of cyber-attacks within the financial sector.
He therefore called for effective cyber risk management policies and procedures by banks.
“The Bank of Ghana expects all banks to build robust systems to forestall such cybersecurity incidences. All the successes chalked in the digitisation of banking systems would be eroded if adequate investments…
