Ghana's Education Minister Haruna Iddrisu has sworn in the new Governing Council of the Chartered Institute of Bankers, Ghana (CIB Ghana), with a pointed warning: the banking sector must get ahead of artificial intelligence-driven fraud before it gets ahead of them.
The ceremony took place at the Ministry of Education in Accra, where nine Council members took their oaths of office and secrecy under the Chartered Institute of Bankers, Ghana Act, 2019 (Act 991). Leading the incoming Council is Dr Ellen Ohene-Afoakwa, who serves as both President and Chairperson.
AI and Cybercrime Front and Centre
Conveying congratulations from President John Dramani Mahama, Iddrisu did not mince words on the digital threat facing Ghana's banking industry.
"We expect that you will respond to the new emerging challenge of artificial intelligence and how that can impact on fraud associated with banking in Ghana," the Minister said.
It is a timely charge. As digital banking fraud continues to evolve across the continent, Ghana's financial institutions are increasingly exposed to sophisticated AI-powered scams — from deepfake impersonations to automated phishing attacks targeting customers and internal systems alike.
Beyond cybercrime, Iddrisu called on the Council to sharpen its focus on non-performing loans (NPLs), regulatory compliance, and sound corporate governance. He also stressed that ethics must sit at the heart of professional banking practice.
"Ethics is fundamental to your calling. This is why bankers must provide accurate information, avoid fraud, uphold confidentiality and avoid discriminatory practices," he said.
Council's Mandate Goes Beyond Oversight
Under Act 991, CIB Ghana is empowered to regulate professional banking practice, set industry standards, administer examinations, and drive continuing professional development (CPD). That is a broad mandate — and Dr Ohene-Afoakwa made clear her Council intends to use every inch of it.
Speaking after the swearing-in, she said the Council's role extends well beyond routine oversight.
"Our ambition therefore is to build a profession that is future-ready, globally competitive, strong in integrity, competence and public trust," Dr Ohene-Afoakwa said.
She confirmed that CIB Ghana has already updated its curriculum to include cybersecurity, virtual assets, data analytics, and green finance. Success, she said, would be measured in concrete outcomes: fewer fraud cases, ethical bankers who create genuine value, and a workforce trained to write sound credit and reduce NPLs.
Financial Literacy and Community Banking
Iddrisu also flagged two areas he wants the Council to advise on. First, he asked CIB Ghana to assess whether financial literacy could be introduced into Ghana's national school curriculum, and at what level that would be most effective.
Second, he acknowledged the quiet but significant role community banks have played in extending financial inclusion — especially in rural communities where savings culture is still being built.
CIB Ghana Chief Executive Officer Robert Dzato reinforced the importance of CPD as a non-negotiable requirement for maintaining professional competence among the Institute's members. As AI reshapes financial services globally, that commitment to continuous learning may be one of the sector's most important defences.
Dr Ohene-Afoakwa's Council takes the reins at a critical moment — when the very tools that make banking more efficient are also making fraud more dangerous.