ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
In addition to the Cyber Security Act, 2020 (Act 1038) and the Data Protection Act, 2012 (Act 843 , the Bank has established a Financial Industry Command Security Operations Centre (FICSOC) to provide broader perspectives on cyber threats confronting the sector through constant monitoring and intelligence sharing.
Overall, the Bank has adopted; an integrated Risk-based Supervisory Approach for digital financial services t o focus on functional areas of operation and systemic risks.
This includes a holistic review process involving prudential, market conduct, financial integrity, and payment systems risk perspectives for products, serv ices, and technology outsourcing arrangements proposed by banks and non -banks or FinTechs.
In addition, the Bank has adopted the use of technology to improve regulatory compliance and supervision and upgraded its Supervisory technology (SUPTECH), introduced in 2018, to automate data collection and analytics on a disaggregated basis for electronic money issuers.
The SUPTECH is now augmented under the artificial intelligence powered Online Regulatory and Analytics Surveillance System (ORASS) to cover all banks and other licensed financial services providers under the Bank ’s regulatory perimeter.
This is critical for supervisors in identifying trends and early warning signs for early supervisory interventions when necessary.
12 Conclusion 15.
In conclusion, Distinguished Ladies and Gentlemen, I wish to reiterate that the Central Bank is a progressive Bank.
The Bank of Ghana has set up a FINTECH OFFICE to help shape policies in that space to support growth and to support the national digitisation agenda, including financial digitisation for inclusiveness.
More than ever before, digitisation is now part of our society, and as policymakers and regulators, we must leverage on its advantages and contain the risks to deliver a shared financial prosperity in the economy.
I believe that the panellists will deepen the discussions further over the next two days.
On this note, let me wish you fruitful deliberations and Thank you very for your kind attention.
OFFICIAL LAUNCH OF NATIONAL CYBER SECURITY AWARENESS MONTH(NCSAM) 2021 A DIRECTIVE FOR THE PROTECTION OF CRITICAL INFORMATION INFRASTRUCTURE(CII) AND THE CYBER SECURITY AUTHORITY(CSA) POLICY DIRECTIVE SPEECH BY DR.
MAXWELL OPOKU-AFARI FIRST DEPUTY GOVERNOR, BANK OF GHANA NCA CONFERENCE ROOM OCTOBER 1, 2021 2 Minister for Communications & Digitalisation Minister for Energy Selected Members of Parliament Former Ministers of State The US Ambassador, The Director-General of the National Communications Authority Ag.
Director-General of the Cyber Security Authority CEOs from the Critical information Infrastructure Sectors including from the Telcos & Banks Members of the National Cyber Security Technical Working Group (NCSTWG) Distinguished Guests, Ladies and Gentlemen Good morning and as always, it is a great pleasure to be here today to be discussing issues of cybersecurity which has gained heightened attention in recent times.
Before I begin, let me commend the organizers of this programme for their thoughtfulness and for bringing together players in the cyber security space to share experiences on all these important issues, and it is my fervent hope the issues discussed and lessons learnt would strengthen our resolve to counter cyber threats in the economy.
Let me also thank the National Cyber Security Centre for extending an invitation to me to speak to such a distinguished audience on such an important issue which has become top priority amongst most governments and private sector institutions, not here alone in Ghana but across the globe.
It is also important to me because it also affords me to share with participants the steps being taken at the Central Bank to protect the financial sector from 3 cybersecurity threats and related activities .
This is impor tant to assure the banking community of our efforts to safeguard the banking system and put it on that steady pedestal towards supporting growth.
It is indeed an honour to be able to join you today.
The gradual evolution and change in the business models of firms and institutions and the speed with which the entire digitalization agenda is progressing is forcing us to re-think ways and means of protecting the very infrastructure that supports this new way of life.
Analysts have predicted that the next financial shock or shock to the global economy could manifest itself in the form of a cyber-attack and this makes it imperative for us to begin to think of how to secure and protect our infrastructure Cyber-attacks (i.e.
attacks on information and comm unication technology systems) have emerged as a global threat to financial stability and our way of life .
Successful cyber -attacks on computer systems and networks supporting critical national assets and infrastructure could cause significant havoc to our way of life, cause financial loss, undermine public confidence, and cause major disruption to our economy.
I am therefore encouraged that all the major stakeholders are gathered here today to launch a national effort aimed at creating cyber security awareness to combat the rising threat posed by cyber-attacks and cyber-crimes.
It is my hope that the steps we are taking today will be sustained to promote confidence in the financial system and also ensure financial inclusion.
Mr Chairman, let me also add that the COVID-19 pandemic, and issues emanating from it, has accelerated the adoption of digitalization in Ghana and this is progressing at top speed.
E mbracing the new norm of working remotely, transferring resources across financial pl atforms, purchasing goods and services online e .t.c., are gradually changing the face of our 4 economy and we need to position ourselves in readiness for the threats that come along with this changing lifestyles and doing business.
The pandemic has also impacted cybersecurity in various ways, including:  Bringing to the fore a rapidly evolving cybersecurity threat landscape that has rendered traditional or conventional cybersecurity safeguards inadequate; and  Increased cybersecurity exposure for Critical I nformation Infrastructure.
These new and emerging threats have left nations and organizations exposed and vulnerable to cyber -attacks.
Current trends in c ybersecurity point to significant increase s in attacks against Critical Information Infrastructure and related organizations that are drivers of national economies.
For many organizations today, the concern is no longer “ if or when the organization is hacked”, but rather “the organization is likely hacked, we just don’t know how and when it happened”.
Addressing cyber security risks has become more important than ever and policy makers need to internalize this fact in their discourse.
In what follows, I will discuss regulatory regimes that are being followed through to enhance cybersecurity awareness in the banking sector.
We are all aware that the banking sector is one critical institution whose role is to support growth.
Over the years, banks have progressively moved to digitize their operations and in the process have become vulnerable to cyberattacks .
Our inability to put in place policies to protect the infrastructure of banks from attacks could result in the destruction of the very foundation of growth and this has national security implications.
Regulating and close monitoring of cyber activities i n the banking sector thus become an important critical role for the central bank.
While we pursue this agenda, we need to recognize that regulatory 5 frameworks alone may not be enough to protect the nation’s critical information infrastructure.
Regulatory f rameworks must be followed by actionable steps to lock-in potential intentions.
For this reason, I will attempt to go through some issues and highlight the importance of cyber security awareness including on cyber hygiene as a means of confronting head -on cyber security risks.
Globally, cyber -attacks on digitized payment products are increasingly becoming sophisticated, especially on financial institutions with insecure IT systems.
We have witnessed global cyber -attacks which resulted in disruptions to some critical financial services and destroyed financial assets and savings.
It is important therefore to ensure that the security of electronic banking products and services are not compromised.
National Response and Preparedness At the National level, the Government of Ghana recognizes the threat cyber- attacks and cybercrimes pose s to critical information infrastructure as well as the damage it can cause to the trust and confidence in our financial system.
As a result, t he Government responded swiftly through regulatory measures such as the Data Protection Act, 2012 (Act 843) and the Cybersecurity Act, 2020 (Act 1038), as well as supporting directives and other related legislation to enforce provisions of the law across all sectors of the economy.
The Data Protection Act, 2012 (Act 843) recognizes a person’s right to protect and safeguard their personal data and the Act sets out eight (8) basic principles for those institutions who control data to implement 6 measures to protect the rights of data subjects and safeguard their personal information.
At the same time, the new Cybersecurity Act, 2020 (Act 1038): makes provision for the protection of Critical Information Infrastructures in the country including information under the control of the financial sector which is identified as a prime sector.
Section 44 of the Cybersecurity Act, 2020 (Act 1038) further provides the legal basis for BoG to lead the Sectoral Computer Emergency Response Team (CERT) for the financial sector, and I must say that as far as this i s concerned work has already started to ensure the deployment of a security setup that provides real - time visibility into cyber threats and attacks targeting the financial sector.
Mr Chairman, Given the increasing spate of c yber-attacks on the Financial sector worldwide , which has become more frequent with sophistication in recent times, and given the fact that our financial sector has also had its fair share of these attacks, The Bank of Ghana, as far back as October 2018 took actionable steps to issue t he Cyber and Information Security Directive in a bid to enhance and protect the security of this critical sector of our economy.
The Directive, at the time was aimed at creating a secure environment within the cyberspace for the financial services industry and thus serve to generate adequate trust and confidence in Information Communication and Technology (ICT) systems.
Following the issuance of the Directive, the Bank of Ghana has introduced many initiatives to strengthen and secure the information securit y architecture of the banks, to ensure the systems at the banks are robust and resilient.
Mr Chairman, permit me at this stage to list a few of the actions we have taken in this regard: 7 a. The Bank of Ghana has worked collaboratively with the commercial banks to meet the governance requirements of the Directive, that is, appointments of Board Committee on Cyber and Information Security with a clear Charter; assignment of Director of Cyber and Information Security (DCIS) ; and appointment of Chief Informati on Security Officers (CISOs).
b. Banks have been reporting their cyber and information security incidents to the Bank of Ghana on monthly basis.
c. The Bank of Ghana continues to have periodic engagement with member banks to clarify aspects of the Directive.
d. The Bank of Ghana, through the Directive, has facilitated safer digital transformation with the adoption of cloud technologies.
e. So far, the Bank of Ghana has prepared a banking sector Cyber and Information Security guidelines to protect consumers and cre ate a safer environment for online and e-payments products.
Among others, the guidelines seek to create a secure environment for transactions within the cyberspace and guarantee trust and confidence in ICT systems; provide an assurance framework for the de sign of security policies in compliance to global security standards and best practices by way of cyber and information security assessments, and protect banks, customers and clients against the potentially devastating consequences of cyber-attacks.
In pursuing these objectives, the Bank of Ghana has embarked on the Financial Industry Command Security Operations Center (FICSOC) 8 project to enable the industry have aggregated visibility into the cyber threat landscape confronting the sector, through monito ring and threat intelligence sharing.
The components of the FICSOC Project include: 1.
Security Information and Event Management (SIEM): With the SIEM, a collector will be placed at each member bank’s premises to collect security alert streams from the banks and forward them to the FICSOC over a dedicated secured network for monitoring, analysis and information sharing.
Threat Intelligence Sharing: Regarding the sharing of intelligence threat, threat intelligence nodes will be placed at each member bank’s premises to receive relevant threat intelligence, including Indicators of Compromise (IoCs) from the FICSOC.
Network T raffic Analysis: Network traffic analysis is an important component of the FICSOC at each member bank that inspects Internet traffic for malicious or suspicious content and sends constant repo rts to the FICSOC for analysis.
Digital Forensic Laboratory: The FICSOC Project will also provide a Digital Forensics Laboratory comprising digital forensic evidence collection and storage facility, evidence processing rooms, and spaces for Examiners to discuss cases and hold relevant briefing.
Not all these can be possible without the requisite human capacity needs, and Bank of Ghana is looking into these issues closely to ensure sound implementation and rollout of these objectives.
A cybersecurity expert with appropriate digital forensics capability will support the BOG in these efforts to help fully deploy the project.
9 It is anticipated that th is integrated approach to cyber security management would support financial institutions achieve both business and security focused objectives, as well as regulatory complia nce in an efficient and effective way.
Chairman, regulatory compliance by itself is not cyber security.
The onus lies on banks to examine the state of their security systems, identify gaps and design appropriate mechanisms to counter possible cyber threats.
In addition to these cyber security regulations, financial institutions will also be required to implement an integrated approach by adopting enterprise -wide frameworks of cyber risk management in line with business objectives.
Chairman, a lot has been said already in this forum on Cybersecurity Awareness and the role of employees in combating cyber-attacks, cyber- security training, and the need to have in place a cyber -security hygiene policy.
I don’t intend to re -hash these issues again but I believe as institutions strive to make their workplaces more cyber-safe, these critical elements discussed in detail will form part of future policy design.
The Way Forward Today’s world is completely different from a decade ago as changes in information and communication technology increase exponentially.
As a result, it is important for institutions to undertake cyber security-related due diligence and assessments, identify proper detective controls, and enforce third party and insider risk program mes to protect and safeguard their working environments from cyber related activities that are not conducive for growth.
I believe we will all delve into some of these critical issues that are associated with our drive towards digitization.
10 We at the Central bank will continue to draw strength from Act 1038, which is intended to further promote and improve collaborative efforts between the Cyber Security Authority and the Bank of Ghan a. The Central Bank will work closely with the Cyber Security Authority to monitor trends of cybersecurity issues in the financial sector and ensure collaborative response to cybersecurity incidents.
The Bank of Ghana will also play an active role in the i mplementation of the Cybersecurity Act, 2020 through our representation on the Joint Cybersecurity Committee (JCC) pursuant to Section 13 of Act 1038.
We will endeavour to provide all support available to ensure smooth formulation of policies in this area.
On the basis of these, I wish you all fruitful deliberations.
Thank You for your kind Attention.
1 GRADUATION CEREMONY FOR COHORT 1 OF THE STANDARD CHARTERED BANK (GHANA) WOMEN IN TECHNOLOGY BUSINESS INCUBATOR PROGRAMME Key Note Address Delivered by Mrs.
Elsie Addo Awadzi, Second Deputy Governor, Bank of Ghana 16th September 2021 2 Her Excellency Harriet Thompson, British High Commissioner Members of the Board of Directors, Standard Chartered Bank (Ghana) Mrs.
Mansa Nettey, Chief Executive , and the Management Team , Standard Chartered Bank (Ghana) The President of Ashesi University Invited Guests, Distinguished Ladies and Gentlemen On 30 th November 2020, I had the singular honour of launching the Women in Technology (WIT) Business Incubator programme of the Standard Chartered Bank (Ghana) and its partner, the Ghana Climate Innovation Centre of Ashesi University, under the theme, “Technology, Gender and Development – Expanding the Role of Technology in Women-Owned Businesses for National Development”.
The WIT Business Incubator programme set out to provide business incubation and financial support to women-led or women -owned businesses that desired to launch new technologies or grow their businesses with technology, while making a significant impact in their communities.
The imperative for such a programme was clear.
While Ghana’s private sector is dominated by women entrepreneurs, second only to Uganda according to the 2019 MasterCard Index of Women Entrepreneurs, data suggests that women-owned busine sses tend to remain smaller and less 3 profitable than those of men, owing in part to the lack of access to business support services and lack of access to finance.
Indeed, female entrepreneurs in Ghana are eight percent less likely than men to get access to the kind of capital and other financial services and products that they need to start or scale up their businesses, according to the World Bank’s 2017 Global Findex Survey.
What is more, the participation of female entrepreneurs in Ghana’s fast -growing technology sector remains marginal although there is great potential for women to play a key role in this space.
The launch of the WIT business incubator programme, particularly in the midst of the Covid-19 pandemic with its attendant job losses and business failures , was a bold step towards helping to solve multiple policy challenges including women’s access to finance, job creation especially for youth, making businesses more resilient through the use of technology, and ultimately promoting a resilient bounce back of the Ghanaian economy post pandemic.
Ten months down the line, I am elated to be here as Special Guest of Honour at this graduation ceremony for the first cohort of the programme.
It is gratifying to note that Standard Chartered Bank (Ghana) and its partner Ashesi University moved 4 quickly into action after the launch, to make the programme a reality.
It is even more heart-warming to note that the programme received a high level of interest from the public, with a total of 220 applicants of which 14 were selected from five regions across the country following a rigorous process.
The se 14 beneficiaries received entrepreneurship skills training over a four-month period, following which five of these firms received additional business support over a 10-week period and a grant of GHC57,000 each to help scale up their businesses.
This programme has no doubt been a major confidence booster for the young female entrepreneurs behind these 14 businesses that graduate today.
The programme has provided them with world-class business and entrepreneurial skills and exposure, which will go a long to help them build competitive and sustainable businesses that will stand the test of time.
The programme has also better prepared them to present their businesses to banks, private equity firms, and other investors to obtain financing for the next stage of growth.
To the graduating cohort, I congratulate all 14 of you.
You have been able to develop and test your innovative technology-driven business ideas in the course of the last few months and your businesses are now ready to take off to help solve 5 some of Ghana’s challenges.
It is small businesses like yours that have the potential to create the majority of the jobs we need for the youth and help to make a real difference in our communities.
Business success requires consistency, tenacity, and a commitment to following relevant rules, standards, and ethics to create lasting value for all stakeholders.
I encourage you to uphold the high standards of business management and entrepreneurship you have been introduced to and resolve to build strong and competitive businesses that can stand shoulder to shoulder with your peers across the Afri can continent and beyond.
You have what it takes to become global players, with innovative technology -based business management tools and digital payment platforms that are currently available.
We also expect you to mentor and support other entrepreneurs with what you have learnt so far, so that you can create even more impact for our economy.
For the five businesses that progressed to the 10-week phase with additional business support and grants, to whom much is given, much is expected.
We expect even more from you in terms of business excellence, growth, and impact.
For the applicants who did not make it to the first cohort, better luck next time.
I challenge future applicants to be bold and innovative in conceiving of their business ideas and to come out with real solutions to Ghana and Africa’s challenges, keeping 6 in mind opportunities presented by the African Continental Free Trade Area (AfCFTA).
May I also remind you that Ghana’s budding fintech sector provides many opportunities that women entrepreneurs in the technology space could explore within the Bank of Ghana’s Regulatory Sandbox environment to test innovative applications that would help expand access to finance particularly for women entrepreneurs like yourselves.
The Bank of Ghana under the leadership of Governor Dr.
Ernest Addison remains committed to promoting a policy and regulatory environment that supports inclusive and broad-based economic growth where all economic actors, particularly women and youth entrepreneurs, are able to innovate and access appropriate forms of finance and at cost-effective rates to help launch, grow, and sustain their businesses.
On behalf of Governor Ernest Addison, I congratulate Standard Chartered Bank (Ghana) once more for this valuable contribution to inclusive growth through women’s economic empowerment .
It is our fervent hope the WIT Business Incubator programme will continue to expand and that many more women-led or women-owned businesses will benefit from it in the months and years ahead.
7 I call on other banks in Ghana to take a cue in the spirit of the Ghana Sustainable Banking Principles to help address the current gap in access to finance and business support services for female and youth entrepreneurs through innovative partnerships.
It is imperative for all hands to be on deck as we find solutions to Ghana’s developmental challenges and ensure that no one is left behind in the new normal.
Congratulations again, graduating cohort!
Ayekoo, and I wish you every success in life and in business.
40TH ANNIVERSARY CELEBRATION OF AKUAPEM RURAL BANK LIMITED SPEECH BY DR.
ERNEST ADDISON GOVERNOR, BANK OF GHANA SATURDAY, 28TH AUGUST 2021 MAMFE AKUAPEM, EASTERN REGION BANK OF GHANA 1 Mr.
Chairman, Nana Osabarima Ansah Sasraku III, Mamfehene, The Special Guest of Honour, Hon.
Yaw Osafo Maafo, Senior Presidential Advisor, Otobou Gyan Kwasi, Aburihene and Adontenhene of Akuapem Traditional Area, Former Deputy Governor of Bank of Ghana, Mr.