I am glad to note that member countries have since taken necessary steps to adopt relevant aspects of the core principles. In line with the above, a new Ghana Banking Act was promulgated in 2004, which incorporated the requirements of the core principles.
These include rapid changes in technology, complexities, high costs, security and data privacy issues, new laws and regulations and inadequate trained manpower. There is a need to enhance the governance of IT and institute robust information security measures in the banking sector based on extant international standards and best practices.