Ghana’s financial sector is grappling with a troubling surge in internal fraud, as the latest report from the Bank of Ghana (BoG) uncovers a sharp rise in employee involvement in financial crimes. According to the 2024 Annual Fraud Report, at least 155 staff members of banks and specialised deposit-taking institutions (SDIs) were dismissed for participating in various fraudulent schemes — a clear sign that insider threats remain a critical weak point in the sector’s defenses.
Startlingly, over half (54%) of these dismissals were tied directly to cash theft and suppression, once again confirming that internal financial misconduct continues to plague the industry despite regulatory warnings and control measures.
The numbers tell a concerning story:
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365 employees were implicated in fraud-related activities in 2024, marking a 33% increase from the previous year.
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Yet, only 43% of the implicated staff were actually dismissed, with the BoG blaming slow legal proceedings for discouraging full prosecution.
Forgery and Identity Theft on the Rise
Beyond staff misconduct, the broader fraud landscape showed little relief. Total fraud cases across banks, SDIs, and payment service providers (PSPs) rose by 5%, reaching 16,733 cases — up from 15,865 in 2023.
Particularly alarming was the spike in forgery and document manipulation, which now accounts for a staggering 67% of total fraud value risk, driven largely by a single case valued at GH¢53 million. The total value at risk from this category soared to GH¢53.5 million, a dramatic jump from just GH¢6.9 million the year before.
Identity theft also surged, with reported losses rising from GH¢0.6 million to GH¢5.7 million, a trend the BoG attributes to lapses in due diligence and ineffective identity verification under the Ghana Card system.
The High Cost of Fraud: Recovery Remains Elusive
The total value at risk from fraud in 2024 climbed to GH¢99 million, a 13% increase over the previous year. Banks remain the hardest hit, shouldering GH¢75 million of these losses. Yet, recovery efforts remain painfully inadequate — with only GH¢3 million (just 4% of at-risk funds) successfully recovered.
The PSP sector alone contributed a massive 15,673 fraud cases, with GH¢19 million at stake, reflecting consistent growth in both the frequency and financial impact of fraud in this segment.
BoG Calls for Stronger Action
Faced with these rising threats, the Bank of Ghana has called on financial institutions to:
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Strengthen internal controls
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Conduct thorough background checks during recruitment
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Enforce a zero-tolerance policy toward fraud
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Work more closely with law enforcement agencies to ensure offenders are held accountable.
The central bank emphasized that the publication of its fraud report is part of its broader commitment to promoting transparency and safeguarding the integrity of Ghana’s financial system.
The message from the BoG is clear: Fraud remains a major battlefield for Ghana’s financial sector — and the fight is far from over.
