A new report from the Bank of Ghana has revealed a concerning increase in fraudulent activities within the country’s financial sector, including both banks and specialized deposit-taking institutions (SDIs). The report indicates a 5% rise in the total number of fraud cases in 2024, reaching 16,733 incidents compared to the previous year. While traditional banks saw a slight decrease in fraud cases, the SDI and Payment Service Provider (PSP) sectors experienced a significant increase.
One particularly alarming trend is the dramatic rise in the value at risk due to forgery and document manipulation, which surged to GH¢53.5 million—almost eight times the GH¢6.9 million reported in 2023. Additionally, losses related to identity theft also saw a nearly ninefold increase.
The Bank of Ghana’s report also disclosed a 33% increase in the involvement of staff in fraudulent activities. In 2024, 365 employees were implicated in fraud cases, up from 274 in 2023. Cash theft or suppression remained the most common form of internal fraud, with 274 employees directly involved in such incidents.
Despite the severity of these internal offenses, only 43% of the implicated staff were dismissed, a situation the Bank of Ghana attributes to lengthy and complex legal processes. The central bank has expressed its concern over the “consistent and steady increase” in staff involvement in fraud and has urged financial institutions to enhance their recruitment screening and ensure the diligent prosecution of offenders. Overall, the financial sector has struggled with asset recovery, managing to recoup only GH¢3 million of the estimated GH¢83 million at risk.
The report concludes by emphasizing the need for a “zero tolerance” culture towards internal fraud and greater collaboration among financial institutions, regulators, and law enforcement agencies to combat the growing threat of financial crime.
By: Evans Effah
