BoG denies imposition of 1% Cybersecurity Levy on banking transactions

Rumors circulating on social media alleging the Bank of Ghana’s intention to introduce a one percent cybersecurity levy on all banking transactions have been refuted by the Central Bank.

The reports, which claimed that such a measure was being considered in response to escalating cybersecurity risks both domestically and globally, were addressed in a post on the microblogging site, X (twitter), on Tuesday, May 7, 2024.

In the X post, the Bank of Ghana categorically dismissed these assertions as false, clarifying its stance on the matter.

The denial comes amidst growing concerns over cyber threats to financial institutions and the broader economy, underscoring the importance of robust cybersecurity measures in safeguarding sensitive financial data.

While cybersecurity remains a critical priority for regulatory authorities, the Bank of Ghana’s statement emphasizes its commitment to addressing these challenges through appropriate channels, without resorting to the implementation of a blanket levy on banking transactions.

The International Monetary Fund (IMF) has revealed that financial institutions lost a total of $12 billion to cyberattacks in the last 20 years.

Out of this amount, $2.5 billion was lost between 2020 and 2024, according to IMF’s April 2024 Global Financial Stability Report.

The Fund expressed concern that the rising incidents of cyberattacks on financial institutions globally could affect confidence in the financial system and destabilize economies.

Source: Norvanreports