BoG urges robust cybersecurity for West Africa digital currency systems

The Bank of Ghana (BoG) has called for the establishment of a comprehensive cybersecurity framework and stringent data privacy protocols to safeguard the development of digital currency systems across West Africa.

The central bank believes that robust regional cooperation is essential to ensure that any future cryptocurrency or central bank digital currency (CBDC) initiative in the sub-region is secure, resilient and trustworthy.

Speaking at the opening ceremony of the West African Institute for Financial and Economic Management (WAIFEM) Regional Course on Cybersecurity and Crypto/Digital Currency in Accra, the Acting Head of Cyber and Information Security at the BoG, Daniel Klu, who delivered a statement on behalf of the Governor, Dr Johnson Pandit Asiama, stressed that cybersecurity must form the foundation of any regional digital currency framework.

“The success of any digital currency initiative depends on a robust security architecture, legal clarity, effective data privacy safeguards and strong consumer protection frameworks. A digital currency that is vulnerable to cyberattacks or manipulation could undermine financial stability and public confidence,” Mr Klu stated.

He underscored that as West African economies increasingly embrace digital financial services, central banks must take proactive steps to fortify their systems against cyber risks.

This, he said, would help protect financial integrity, promote interoperability among national payment systems and build trust among users and institutions.

The BoG official also emphasised the need for continuous investment in cybersecurity infrastructure, skilled personnel and cross-border collaboration to tackle the evolving threat landscape.

According to him, harmonising cybersecurity policies across the region would create a stronger collective defence and reduce vulnerabilities that could expose financial systems to coordinated attacks.

For his part, Amadou Koora, Director of the Financial Sector and Payment Systems Department at WAIFEM, speaking on behalf of the institute’s Director-General, Dr Baba Y. Musa, highlighted the critical role of knowledge sharing and capacity building in enhancing the region’s cyber resilience.

“At WAIFEM, we believe that building regional resilience against cyber threats requires more than technology. It requires knowledge, collaboration and capacity. This course brings together policymakers, regulators, IT professionals and financial experts from across West Africa to deepen their understanding of emerging digital risks and strengthen the region’s collective response,” Mr Koora said.

He added that as countries across the sub-region explore digital currency frameworks, it is vital that security and regulatory readiness keep pace with technological innovation.

The WAIFEM programme, Mr Koora noted, aims to equip participants with practical insights and strategies to mitigate cyber threats that could jeopardise financial stability.