The Bank of Ghana has reported a significant increase in fraudulent activities within the country’s financial sector, with a notable rise in employee involvement.
According to the latest data, 365 bank staff were implicated in fraud cases in 2024, marking a 33 percent increase from the previous year.
While overall fraud incidents rose by 5 percent to 16,733 cases, the financial impact was far more severe. The amount at risk due to forgery and document manipulation surged to 53.5 million Ghanaian cedis, nearly eight times higher than the 6.9 million cedis recorded in 2023. Losses from identity theft also saw a dramatic ninefold increase.
Cash theft and suppression remained the most common form of internal fraud, involving 274 employees. However, only 43 percent of implicated staff were dismissed, a figure the central bank attributes to delays in legal processes. The Bank of Ghana has urged financial institutions to strengthen hiring checks and ensure stricter enforcement against offenders.
Efforts to recover lost funds have proven challenging, with only 3 million cedis retrieved out of 83 million cedis at risk. The report emphasizes the need for a zero-tolerance approach to fraud and closer collaboration between banks, regulators, and law enforcement.
The findings highlight growing vulnerabilities in Ghana’s financial sector, where digital expansion has created new opportunities for fraud.
While banks have focused on external security threats, the rise in staff misconduct suggests internal controls require equal attention. The central bank’s warning underscores the urgency of addressing systemic weaknesses to safeguard the integrity of the financial system.
