20% of Global Cyber Incidents Hit Financial Sector, Losses Exceed $12 Billion – President Mahama

President John Dramani Mahama has disclosed that 20 percent of all reported cyber incidents globally have targeted the financial sector, resulting in direct losses of more than $12 billion since 2020. He noted that overall cyber-related losses now exceed $2.5 billion, describing the figures as “staggering.”

Speaking at the launch of the 2025 National Cyber Security Awareness Month in Accra on Wednesday, October 1, 2025, President Mahama stressed that the impact of cybercrime extends far beyond financial damage, leading to job losses, erosion of public trust, and in extreme cases, loss of lives.

He cautioned that Ghana is not immune, pointing to rising cases of cyber fraud, phishing, identity theft, and other digital crimes that affect both individuals and businesses.

“As Ghana expands digital public services and mobile money usage, it is critical that we strengthen the systems that protect them,” he said.

The President outlined his administration’s efforts under the Reset Ghana Agenda, which places digital transformation and cybersecurity at the heart of national development.

Among the flagship initiatives highlighted were:

• One Million Coders Programme: Launched in April 2025 to train one million young Ghanaians in coding, data analytics, software engineering, and cybersecurity. Pilot projects are already running in Greater Accra, Ashanti, Bono, and Upper East regions.

• Digital Job Initiative: A public-private partnership aimed at creating sustainable employment through technology, including the establishment of regional digital centers and ICT parks to drive innovation in artificial intelligence, cybersecurity, and digital entrepreneurship.

President Mahama assured Ghanaians of his government’s commitment to building a modern, inclusive, and secure digital economy, preparing the country to face both the opportunities and risks of the future.