Ghana’s investment promotion chief has warned that escalating cyber threats could undermine the country’s reputation as a secure digital business destination, as new data reveals cybercrime losses reached GH¢38.2 million in just 18 months.
Ghana Investment Promotion Centre CEO Simon Madjie issued the warning Wednesday during the launch of the 2025 National Cyber Security Awareness Month, emphasizing the urgent need for enhanced cybersecurity measures to protect the country’s growing digital economy.
Government figures show Ghana lost GH¢23.3 million to cybercrime in 2024, with an additional GH¢14.9 million recorded in the first half of 2025 alone, highlighting the accelerating pace of digital fraud targeting both businesses and individuals.
The stark financial losses come despite Ghana achieving Tier 1 ranking in the 2024 Global Cybersecurity Index by the International Telecommunication Union, demonstrating the complex challenges facing the country’s digital transformation efforts.
Minister for Communication, Digital Technology and Innovations Samuel Nartey George announced plans to amend the Cybersecurity Act 2020 and introduce legislation targeting fake news and hate speech. With 24.3 million Ghanaians now online representing 70 percent internet penetration, the scope for cybercrime has expanded dramatically.
Recent alerts from the Cyber Security Authority underscore the evolving threat landscape. In July, regulators warned of artificial intelligence-generated deepfake videos circulating on Facebook, falsely depicting President Mahama, cabinet ministers, and media figures endorsing fraudulent investment schemes and medical products.
August brought fresh concerns as cybercriminals began impersonating established brands on Google Maps and search listings, creating fake business profiles to redirect users to counterfeit websites. Victims were then manipulated into sharing one-time passwords and PINs, enabling unauthorized access to mobile money accounts.
The sophisticated nature of these attacks demonstrates how cybercriminals are adapting to Ghana’s digital evolution. Mobile money services, which have revolutionized financial inclusion across the country, have become particular targets for fraud schemes.
Madjie’s warnings reflect broader concerns about maintaining investor confidence in Ghana’s digital infrastructure. The country has positioned itself as a regional technology hub, but persistent cybercrime could deter international businesses from establishing operations locally.
The 2025 National Cyber Security Awareness Month, themed “Building a Safe, Informed, and Accountable Digital Space,” will run throughout October with participation from government agencies, private sector partners, academic institutions, and civil society organizations.
The campaign aims to equip citizens with knowledge and tools needed to navigate digital spaces safely, addressing threats ranging from online fraud and identity theft to sophisticated social engineering attacks targeting both personal and business accounts.
Ghana’s cybersecurity challenges mirror those facing many developing economies experiencing rapid digital adoption. The country’s success in expanding internet access and mobile money services has created new opportunities for both legitimate commerce and criminal activity.
The financial losses represent only reported incidents, with many cybercrime cases likely going unreported due to victims’ reluctance to disclose security breaches or lack of awareness about proper reporting channels.
Industry observers note that Ghana’s cybersecurity improvements must keep pace with its digital ambitions. The country’s vision of becoming a regional technology hub requires robust security frameworks that can protect both local users and international investors.
The government’s proposed legislative amendments signal recognition that existing laws may be inadequate for addressing emerging cyber threats, particularly those involving artificial intelligence and sophisticated impersonation schemes.
Success in combating cybercrime will require coordination between regulatory authorities, financial institutions, technology companies, and individual users. The NCSAM campaign represents one component of this broader effort to strengthen Ghana’s digital security posture.
Source: newsghana.com.gh
