Ghana’s banking sector continues to grapple with a growing wave of fraudulent activity, with 155 employees dismissed in 2024 for their involvement in fraud.
- Ghana’s banking sector saw 155 employees dismissed in 2024 for fraud, part of 365 staff implicated overall.
- Fraud cases in banks and SDIs rose by 5%, from 15,865 incidents in 2023 to 16,733 in 2024, with financial risks reaching GH¢99 million—a 13% increase.
- The Bank of Ghana emphasised weak legal proceedings hindering the recovery of losses, and urged stricter disciplinary measures and zero tolerance for fraud.
This figure represents part of a total of 365 staff identified in connection with fraudulent practices, according to the Bank of Ghana’s (BoG) 2024 Fraud Report.
The report revealed a year-on-year increase in the number of fraud cases reported by banks and Special Deposit-Taking Institutions (SDIs), rising from 15,865 incidents in 2023 to 16,733 in 2024—a 5% increase.
Financial risk escalates by 13%
The estimated value of financial risk associated with these cases has also risen sharply. In 2024, the sector recorded a potential loss of approximately GH¢99 million, up from GH¢88 million in the previous year. This marks a 13% increase in the monetary impact of fraud.
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Legal hurdles undermine recovery efforts
The BoG expressed concern over the slow pace of legal proceedings, which has hindered banks’ efforts to recover losses. The central bank noted in its report: “The lengthy nature of court cases often discourages institutions from pursuing them, resulting in fewer successful recoveries.”
The report further observed that: “This is an indication that other staff implicated in fraud activities are either exonerated or given lesser punishments.”
To counter this, the BoG urged financial institutions to reinforce their disciplinary procedures and adopt a zero-tolerance approach to fraud.
Fraud cases fall but risks remain high
In a positive development, the total number of reported fraud cases dropped by 26%, falling from 969 cases in 2023 to 716 in 2024. This decline has been attributed to the improvement of internal controls within the sector.
However, the Bank stressed that the overall risk remains significant, with the types of fraud becoming more sophisticated and widespread.
Top five fraud types identified
The most common types of fraud recorded in 2024, based on value at risk, included:
Fraud Type Forgery and document manipulation Identity theft/impersonation ATM/POS/Card fraud E-money fraud Remittance-related fraud Microfinance institutions and savings and loans companies have also experienced a notable rise in cash theft cases, prompting the BoG to call for stricter internal controls.
Staff misconduct on the rise
The Bank of Ghana voiced strong concern over the increasing number of financial institution staff involved in fraudulent schemes. It recommended enhanced background checks during recruitment and continuous training to uphold professional standards.
The report stated: “Banks and SDIs should also ensure the prosecution of culprits to serve as a deterrent.”
Electronic fraud on the rise
Electronic fraud continues to be a major issue. In 2024, reported incidents totalled 15,673—up 7% from 14,655 in 2023. The data shows that fraudsters are still able to exploit weaknesses in digital payment systems, despite improved cybersecurity measures.
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Cash theft and credit fraud lead losses in SDI sector
Within the SDI sector, cash theft remained the highest fraud risk, recording losses of GH¢1.6 million in 2024—slightly down from GH¢1.9 million in 2023. However, credit fraud saw a dramatic surge, with values at risk jumping from GH¢30,000 in 2023 to GH¢1.2 million in 2024.
Burglary also emerged as a top fraud concern, with GH¢730,000 at risk in 2024, compared to just GH¢40,000 in the previous year.
