​Ghana loses US$50m to cyber crime

​Ghana loses US$50m to cyber crime

Nigeria recorded the highest figure of US$550 million, followed by Kenya and Tanzania

A report by Kenyan-based IT firm, Serianu Limited, has revealed that the economy lost a total of US$50 million to cybercrime in 2016.

The report dubbed ‘Achieving Cyber Security Resilience: Enhancing Visibility and Increasing Awareness,’ shows that five African countries lost a combined US$895million to the menace–comprising an indirect loss of $537m and direct loss of $358m.

The breakdown of the report shows that Nigeria recorded the highest figure of US$550 million, followed by Kenya and Tanzania with US$175 million and US$85 million respectively. Ghana and Uganda also recorded US$50 million and US$35 million respectively.

The report further reveals that insider threats, which refer to fraud involving information or employee abuse of IT systems and information, are a bigger security threat compared to outsiders for African organisations.

Worryingly, the report states that mo

ons in Africa are ill-prepared to deal with information security threats.

“This is brought about by lack of sufficient budgets, lack of skilled professionals and lack of visibility within the organisation.

Security professionals are struggling to demonstrate business value to senior management because they are providing very technical operational metrics whereas business managers are looking for more business-oriented metrics.

Lack of practical regulatory guidance from industry regulators and government is leading to poorly implemented and unenforceable security controls since they are not local focused but rather copied and pasted regulations,” the Serianu report states.


It is also reported that ICT security expenditure in African countries is estimated to grow from approximately US$1.24 billion in 2015 to US$3.6 billion in 2020.

To achieve this, the Serianu report recommends that African countries need to harden their infrastructure and services to enhance the resilience of the underlying foundation and combat information security threats.

“African countries need to enhance the security competencies of technology users and ICT security practitioners. This will ensure that there is greater adoption of essential security practices among technology users and ensure that ICT security practitioners have adequate knowledge and capability in managing ICT security risks.

Given the borderless nature of cyber threats, it is important for African countries to continue working closely with international counterparts and also encourage cross-border collaboration within the continent,” the report states.

Efforts by Ghana

It is reported that a good number of private and public companies in the country are not security conscious, thereby, making them susceptible to cyber-attacks.

The websites of the Vice President of Ghana, the National Communication Authority, and the National Information Technology Agency have all been compromised by hackers recently.

It is against this background that the Ministry of Communications in 2014 drafted the Ghana National Cyber Security Policy and Strategyto serve as a roadmap for securing the country’s cyberspace as well as to boost investors’ confidence. The policy was approved by cabinet in November last year


​PEF Hints At Plans To Collaborate With Nana To Carry Out One-District-One-Factory

By Daily Guide

 Factories to be built in districts

The Private Enterprise Federation (PEF) has hinted of plans to collaborate with the president-elect to execute his promise of one-district-one-factory campaign promise.

Nana Addo Dankwa Akufo-Addo had said the policy will help in reducing the high level of youth unemployment in the country.

Speaking to 3FM Business, president of PEF Nana Osei Bonsu announced that plans have already been put in place to achieve this development project.

“Government is not going to do this alone, but with the private sector, PEF has already started creating business district coalitions and with this partnership the one district one factory promise can be achieved to create more employment opportunities”, he disclosed.

He believes an enabling environment for the private sector to thrive will be beneficial to the economy “If we manage the economy well and reduce our debt burden, then we can be sure of an enabling sector that can support private sector development,” he added.

​Resume payment of BDC debts – HFC MD to gov’t

By CitiFMonline

The Bankers’ Association of Ghana has renewed calls for government to resume payment of the debt owed by the Bulk Oil Distribution Companies (BDCs).

According to the association, a further delay in the payment of the outstanding debts will impact negatively on the operations of its members.

“Coming out over the past months there have been a lot of negotiations between the Chamber of the Bulk Oil Distributors and the Bankers’ Association and we accepted agreements we made with the government with regards to accepting the debt and promised to make some payments by the end of the year,” Managing Director for HFC Bank Robert Le Hunte told Citi Business News .

Government is currently indebted to about 17 Bulk Oil Distribution Companies in excess of 500 million dollars.

The call by the bankers follows government’s promises to resume payment of the debt after the just ended presidential election.

Mr. Le Hunte who was speaking at the sidelines of the Press Launch of HFC and MTN’s partnership for Mobile Money Services, said the repayment of the debt is critical and should be done as soon as possible.

“Some of that money was paid and commitments were made for the remainder to be paid after the election. I hope that these promises will be met by the government because I think the payment of that debt is critical there is no doubt in my mind and we all have acknowledged that the bulk oil distributors are owed a tremendous amount of money,” he remarked.

“It is important that if someone is owed money that they are paid and it is not right that someone will have to incur hardship from monies that are owed by other people. So it is only right that this money is paid and it is paid as soon as possible,” the HFC boss concluded.

Vice President elect, Dr. Mahamudu Bawumia earlier warned of a crisis in the banking industry if government failed to settle debts owed the BDCs as quickly as possible.

‘The BDC debt is a real threat to the banking system. Our banking system will suffer a crisis if we do not take care. The banks are exposed to the BDCs some of the banks if the BDCs don’t pay will collapse,’ he said.

HFC and MTN Partnership

HFC Bank and MTN on Wednesday, December 14, 2016; launched their partnership for mobile money services.

The aim is to further push the mobile money agenda and ultimately increase the banking population in Ghana.

MTN mobile money currently has 60,000 access points and continues to add on many more.

By: Anita Arthur/citibusinessnews.com/Ghana

​IFC, MIGA Support Sankofa Gas Project with $517 million

By Ghanaian Chronicle

IFC and MIGA, members of the World Bank Group has announced the commitment of $517 million in debt and guarantees to support Ghana’s Sankofa Gas Project, an integrated offshore oil and natural gas project that will provide a source of reliable, affordable energy in the West African country. The project will fuel up to 1,000 megawatts of power generation, helping Ghana meet its growing energy needs and displace oil-fired power generation with a clean-burning alternative.

The $7.7 billion Sankofa project will be developed by Vitol Ghana and Eni Ghana, in partnership with Ghana’s National Petroleum Corporation. IFC has committed a loan of $235 million to Vitol Ghana and arranging another $65 million in debt from the Managed Co-Lending Portfolio Program, a loan-syndications initiative that enables third-party investors to participate passively in IFC’s senior loan portfolio. The IFC financing is part of a $1.35 billion loan facility provided by commercial banks, including HSBC, Société Générale, ING, Standard Chartered Bank, UKEF, among others. MIGA has committed these commercial lenders with up to $217 million in political risk guarantees.

Ghana’s government has identified the Sankofa project as one of two transformational projects that will help the country achieve its COP21 commitments for climate mitigation. Once it starts to produce gas in early 2018, the project is expected to reduce carbon emissions in Ghana by an estimated 1.6 million metric tons annually as gas displaces heavy fuel oil—equivalent to taking 1.2 million cars off the road each year or planting 152 million trees. Sankofa is expected to generate $2.3 billion in revenues for Ghana’s government (per year) and provide a stable, long-term source of domestic gas that will solve Ghana’s chronic gas supply constraints

Phlippe Le Houérou, IFC Executive Vice President and CEO, said, “Ghana will require significant power generation and infrastructure to meet the growing needs of its young and expanding population. This project demonstrates that private capital can be mobilized on a large scale to contribute to the country’s energy security. Developing Ghana’s domestic natural gas resources will help the country reduce carbon emissions and provide a clean source of power for generations.”

With today’s announcement, IFC and MIGA support brings World Bank Group financing for the Sankofa Gas Project to approximately $1.217 billion, building on a $700 million guarantee package from the World Bank announced last year that will help Ghana’s National Petroleum Corporation ensure timely payments for gas purchases and that has enabled the project to secure financing from its private sponsors.

Ian Taylor, CEO of Vitol Group, said, “This is a transformational project for Ghana at an important time. The World Bank Group’s involvement, including financing from IFC and MIGA, is enabling Ghanaian gas to be used for the benefit of Ghana’s economic development. We are pleased and proud to be part of this project.”

MIGA’s guarantees will support Vitol Ghana’s commercial borrowing needs for the project and will be issued for up to 15 years, against the risks of Transfer Restriction (including Inconvertibility), Breach of Contract, Expropriation, and War and Civil Disturbance.

“MIGA’s political risk guarantee is a key part of the World Bank Groups’ long-term commitment to serve Ghana’s rising demand for energy. Moreover, the natural gas from the Sankofa Project underpins the nation’s transition to a low-carbon future.” said MIGA Executive Vice President and CEO Keiko Honda.