Dr Zakari Mumuni, the first Deputy Governor of the Bank of Ghana, has called for collaboration among African countries to build a resilient financial system free from cyber attacks.

Speaking at the 14th Annual Roundtable of the Leaders of the African Financial Inclusion Policy Initiative, Dr Mumuni said a collective commitment is required to safeguard the integrity, resilience, and inclusiveness of Africa’s financial systems in the fast-evolving digital era.

“Cybersecurity threats do not respect politics. No country, however advanced, can confront them alone. Through peer learning, harmonized supervision, and shared intelligence, we are building a collective response that reflects our unique regional realities,” he said.

Dr Mumuni called for investments in common frameworks for early warning and incident reporting, scenario-based preparedness exercises, and proportionate regulation for fintechs and e-money providers, as well as cooperative cross-border response mechanisms.

“Cybersecurity must also be embedded into financial inclusion strategies, not as an afterthought, but as a foundation. Let us protect our most vulnerable consumers with clear safeguards, inclusive product design, and strong redress mechanisms.

“Let us also invest in the supervisory capabilities and digital infrastructure needed to stay ahead of the evolving threat. And let us deepen our regional cooperation, recognising that the resilience of one is the protection of all,” he said.

He said the digital financial future the continent envisioned was rich with promise, but that promise would only be realised if it was anchored on inclusive and skilled systems.

He said digital financial services such as mobile money, digital credit, agency banking, and many others were transforming the lives of many, empowering small businesses and extending the reach of finance to previously excluded sections of the population.

“Yet, this transformation brings new risks. The very technologies that enable access to innovation also expose our systems to sophisticated cyber threats,” he said.

Dr Mumuni said regulators now had to deal with a dual responsibility of promoting inclusion while defending the integrity and resilience of the financial infrastructure.

In 2022, for instance, Ghana recorded over 21,000 cyber fraud attempts in the financial sector, most targeting digital platforms.

Across Africa, the cost of cybercrime is estimated to have exceeded $4 billion annually, according to Interpol.

“This reality underscores a simple truth. Financial inclusion without system integrity is unsustainable. Cybersecurity is no longer an IT issue. It is a strategic imperative at the core of financial governance,” Dr Mumuni said.

“Cybercrime is not a distant risk. It is the present danger. Public trust, institutional confidence, and systemic stability now hinge on our ability to anticipate, withstand, and respond to cyber threats,” he said.

Dr Mumuni said the Bank of Ghana had long realised the need to deal with the threats head-on and issued one of the continent’s earliest cyber and information security directives for financial institutions, mandating risk-based frameworks, incident response protocols, and regulatory reporting.

He said over 40 financial institutions had been integrated into the Financial Industry Security Operations Centre, enabling real-time threat detection and response.

The BoG also conducts annual cybersecurity maturity and assessment using international frameworks to inform supervisory action and identify systemic gaps.

In 2024, over 40% of assessed entities showed critical vulnerabilities, particularly in access, control, and incident response.

He said the BoG was addressing these gaps with targeted interventions in close collaboration with Ghana’s cybersecurity authority, the World Bank, Interpol, and the Africa Cyber Security Resource Center to bolster expertise and coordinate responses at scale.

The Bank is also strengthening consumer protection, including compliant resolution protocols and disclosure standards, expanding financial literacy, particularly for women, youth, and the underserved communities and partnering with schools, religious bodies, and civil society organizations to promote digital safety and early awareness.

“We believe that financial inclusion must be built on trust. Trust in the system, trust in providers, and trust that revanches will be addressed fairly and swiftly,” he said.

In 2023, Ghana joined the African Development Bank’s AFAWA initiative, supporting financial institutions to unlock credit for women entrepreneurs through risk-sharing instruments and technical assistance.

Ghana is looking to establish a Women’s Development Bank with a seed capital of over GHS51 million, allocated in the 2025 budget.

This institution will directly address the persistent credit gap faced by women-led businesses, particularly in agriculture, trade, and the tech area.

These initiatives reflect our belief that women’s financial inclusion is not a social obligation, but a smart economic strategy.

The maiden edition of the AgriFair has earned high praise from West African Regional Director of CUTS International, Appiah Kusi Adomako, who commended organisers—Channel One TV and Citi FM—for delivering what he described as a well-structured and impactful agricultural event.

Speaking during a tour of the fairgrounds at the Efua Sutherland Children’s Park in Accra, Mr. Adomako shared his satisfaction with the scope and execution of the programme.

“I’m so far impressed by what I’ve seen at this AgriFair. One thing about this fair is that it encompasses the entire value chain of the agricultural sector—from financing and land preparation, to irrigation, farm inputs such as seedlings, and even post-harvest solutions,” he noted.

He described the AgriFair as a timely and relevant intervention that could significantly contribute to Ghana’s agricultural transformation. Commending the Citi team for its vision, he called for more frequent editions of the fair to maintain momentum in the sector.

“I think it’s a brilliant thing that the Citi team has put up. I want to encourage Citi to continue to do this. I mean, this thing shouldn’t be something that happens yearly. If possible, we can have it quarterly because you know agriculture is the heartbeat of the economy,” he said.

Mr. Adomako further stressed that national development must be anchored in food security and agricultural self-sufficiency.

“If a country wants to grow and be more self-sufficient, it starts with agriculture. It doesn’t start with technology. Once we’re able to overcome our food sufficiency, we will be able to reduce our importation of food items,” he added.

AgriFair 2025, organised by Channel One TV with support from Citi FM, opened on Friday and has attracted thousands of farmers, agri-tech innovators, policy experts, and consumers. The event features exhibitions, live demonstrations, and policy forums geared toward boosting Ghana’s food production and reducing import dependency.

Doris Boaduwaa scored a hat-trick for the Black Queens in the first of three friendly games last night against Malawi. 

The 2025 Ghana Football Awards Women’s Footballer of the Year was thrice on scoresheet as Ghana came from a goal down to win 3-1. 

Malawi opened the scoring after 15 minutes played in the game at Benslimane. 

However, Boduwaa drew Ghana level in the 23rd minute through the penalty spot. 

The former Hasaacas Ladies forward gave the Black Queens the lead eight minutes later with a great curler from the left flank. 

Kim Lars Bjorkegren’s side went into the break with a 2-1 lead. 

The Queens looked stronger in the second half, creating chances on the both flanks. 

However, the third goal wouldn’t come until the 83rd minute through Boaduwaa to complete her hat-trick. 

The win was the Black Queens second since the appointment of Bjorkegren as head coach earlier this year. 

The two will play games against Botswana and Nigeria to wrap up their WAFCON preparations with the competition starting on July 5.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

NPA boss Edudzi Tamakloe stressed that current penalties are not deterrent enough

The Chief Executive of the National Petroleum Authority (NPA), Edudzi Tamakloe, has revealed that the Authority is reviewing its fines to make them more punitive in a bid to clamp down on the proliferation of illegal fuel stations across the country.

Speaking on the matter while addressing the press on June 21, 2025, Tamakloe stressed that current penalties are not deterrent enough, citing instances where individuals simply pay relatively low fines and continue operations.

“If you have a situation where penalties or fees for setting up a legal fuel station are maybe, say, GH₵30,000, I’m just saying, then it is not punitive enough. The person can just put it in the legal; when he is caught, he will just come and pay 30,000 and go,” he said.

He indicated that the NPA intends to engage Parliament to ensure that the new fines are steep enough to serve as a deterrent, yet still reasonable under the circumstances.

“We will have that conversation with the MPs. One that is also reasonable under the circumstances. Immediately,” he stated.

The move is part of broader efforts by the NPA to sanitise the fuel retail sector and ensure safety and compliance across the board.

ID/EB

Customs says it had been seizing such vehicles

The Customs Division of the Ghana Revenue Authority (GRA), Tema Sector, has cautioned the public, especially importers, to desist from bringing unmanifested vehicles to the port.

Assistant Commissioner Theresa Potakey, the Customs Tema Sector Commander, said the practice is unacceptable and, when found, perpetrators would be dealt with.

Assistant Commissioner Potakey gave the caution during her outfit’s first Joint Consultative Committee meeting held to deliberate on issues in the sector and to review port operations for the previous year.

She said Customs have realised that, especially at the Meridian Ports Services (MPS) Terminal Three, importers were bringing in unmanifested vehicles, as most of those vehicles were not found on the manifest or the bill of lading.

“They are hidden; sometimes when you open the container and you see the way they are hidden, you realise that the main aim is to evade taxes, and this is unacceptable,” she said.

She added that Customs had been seizing such vehicles, stressing that, “I want to caution the public to desist from bringing unmanifested vehicles because our scanners will detect them.”

She said normally when detected, the importers were made to pay a penalty for restoration, noting that she would impress on the Customs Commissioner and the Commissioner General of the GRA to double the penalty to deter them.

By Michael Foli Jackidy 

Aflao (V/R), June 22, GNA – Mr James Gunu, Volta Regional Minister, has proposed the introduction of a policy mandating all workers—including staff of the Volta Regional Coordinating Council (VRCC), Municipal and District Assemblies, and their Chief Executives to wear Kente cloth on Fridays and during official festivals. 

Speaking at the launch of the 2025 Agortime-Kpetoe Kente Festival in Aflao on Saturday, June 21, Mr. Gunu said such a policy would highlight the cultural and economic value of Kente and help promote its usage nationwide and beyond. 

“This initiative must start with leadership. If we, as leaders, do not wear and promote Kente, it will be difficult to convince others to value and patronize it,” he said. 

He recalled a request made some years ago by the people of Kpetoe for the establishment of a dedicated Kente Village—a hub for training, production, and trade.  

Now that they are back in government, he has pledged to pursue the realization of the project. 

Mr. Gunu explained that under the District Assemblies Common Fund, there is a provision for 24-Hour Economy Projects.  

He assured that in collaboration with the DCE and the MP, they will channel this fund into establishing the Kente Village to support weavers and enhance economic activity. 

Dr. Dela Mawutor, a member of the Festival’s Central Planning Committee, welcomed the Minister’s call.  

She encouraged everyone to support the idea of wearing Kente on Fridays—even in smaller patterns or mixed designs. 

“You can sew a shirt and add some Kente to show off the fabric. What matters is that we are intentional and deliberate about promoting Kente,” she said, urging the Minister to fast-track the Kente Village project and calling on stakeholders to support weavers with access to raw materials. 

Mr. Israel Kporku, Chair of the Agortime Kpetoe Kente Weavers Association, also applauded the Minister’s initiative.  

He said he has long advocated for support for the Kente Village and expressed hope that the promise would finally be fulfilled. 

GNA 

Edited by: Maxwell Awumah/Kenneth Odeng Adade 

The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong, has hinted at imminent hoarding of petroleum products by oil marketing companies (OMC) to take advantage of the next pricing window.

He said fuel prices are set for a hike to about GH₵15 a liter due to the war between Israel and Iran.

The country faces a growing risk of fuel supply uncertainty amid escalating tensions between Israel and Iran, which have sent shockwaves across global oil markets.

Speaking exclusively to the Business and Financial Times, Dr. Oppong said Ghana is low on reserves, which makes the situation even more precarious, as even prices at the pumps in this current window are uncertain.

Even though the Ghanaian market reacts slowly to global developments, like we are seeing play out in the Middle East, he said this time it may be different, considering the hike’s magnitude and the country’s inadequate fuel reserves.

“This means that next week, two things might happen. We might have prices going up just a bit to reflect the hike, which has now finally dawned on us, or we see big OMCs hoarding products waiting for the next window when prices go up,” he explained.

According to an earlier release from COMAC, Ghana spends over US$400 million monthly on fuel imports. This is due to a lack of a strategic fuel reserves system, infrastructure limitations, and inefficiencies across the supply chain and distribution.

It said this overdependence on imports and low reserves exposes the country to the brunt of any global oil price shake-up.

“Obviously, landing prices of crude oil products from next week – or even the later part of this week – will surely change,” Dr. Oppong noted.

“I do not think the fuel reserves we always have in Ghana can take us up to two weeks before they are depleted. We need to restore as we speak. Day in and day out, we have vessels discharging in our waters,” he said, stressing that if the war-induced global price hike persists, it might reflect at the pumps anytime soon.

To avoid such situations in the future, he advocated establishing a fuel buffer stock to improve the country’s reserves.

“It is high time the government became cautious and took steadfast steps to make sure the national buffer stock is enacted and activated at the earliest,” he added.

Dr. Oppong believes this will help cushion the country against the vagaries of geopolitical tensions and other external factors that have the potential of disrupting both the price and supply of oil products in Ghana.

COMAC has urged the government to revive the Tema Oil Refinery (TOR) to restore local refining capacity and ensure the effective operation and proper resourcing of Bulk Oil Storage and Transportation (BOST) to enhance the fuel supply chain, national strategic reserves, and storage capacity.

“Government should ensure there are adequate foreign exchange reserves for petroleum imports to ensure stability in the fuel supply chain,” a portion of the statement read.

Global oil prices have been rising since the Israel-Iran war started on June 13. According to Reuters, the Brent crude oil price jumped 13 percent to an intraday high of US$78.50 a barrel and later dropped to US$74.23 on the same day – which is still 7 percent higher than the previous day. However, it has since increased to sell at US$76.48 a barrel as of June 18.

Experts have warned that if the war persists for at least two weeks, fuel prices might hike significantly to reverse the gains chalked up so far in the local market due to a strengthened cedi… which resulted in a reduction of prices at the pumps.

For the June 16, 2025, pricing window, petrol price is expected to drop by up to 2.2 percent, diesel by 4.3 percent, and LPG by 3.2 percent. According to COMAC, some Oil Marketing Companies (OMCs) have already started reducing prices at the pumps.

However, this slight fuel price relief may be short-lived.

COMAC earlier threatened a 9 percent hike in fuel prices if the government’s D-Levy were to be implemented on the June 16 proposed date, which prompted a u-turn just two days before the implementation date.

The Minister of Energy and Green Transition subsequently announced an indefinite halt in the implementation of the Energy Sector Levies (amendment) Act, 2025 – popularly known as ‘Dumsor Levy’ (D-Levy), which, according to the government, was to generate GH₵5.7billion to offset the mounting energy sector debt.

This followed a directive from the president, who expressed concern over the ramifications of war in the Middle East.

However, Dr Oppong is advising the government to scrap the subsidy on marine gas oil (MGO), which he said does not serve its purpose of making fishing affordable to improve the livelihoods of those in the fishing value chain and ensure more affordable fish for consumers.

He said these fuels find their way back into the market, which defeats the subsidy’s purpose.

He said phasing out subsidies on untaxed petroleum products like MGO could save an estimated GH₵431million annually.

“We are advocating that the heavily subsidised fuel, marine gas oil, needs to be taken a second look at. Should you take that away, the government can generate some revenue to pay off the energy sector debt,” he noted.

He expressed concern over under-taxation of the said fuel, which he said could be a more viable additional source of revenue to offset the mounting energy sector debt, together with proceeds from the proposed GH₵1 levy on every litre of fuel purchased, which has now been halted.

“We realised that only GH₵0.20 was added to MGO. To be fair, the government must consider removing the subsidy so it can be sold at the full price, like any other gas fuel, allowing the state to generate some revenue from it,” he said.