At least 155 staff of banks and specialised deposit-taking institutions (SDIs) were dismissed in 2024 for their involvement in various fraudulent activities, according to the Bank of Ghana’s (BoG) latest annual fraud report.
The report reveals that 83 of the dismissals — representing 54 per cent — were directly linked to cash theft and suppression, highlighting the persistent threat of internal financial misconduct within the industry.
The BoG notes a sharp 33 per cent increase in staff involvement in fraud across banks, SDIs, and payment service providers (PSPs).
In total, 365 employees were implicated in fraud in 2024, up from 274 the previous year.
“Cash theft/suppression remains the most prevalent staff-related fraud, accounting for 75 per cent of reported internal cases,” the report stated.
Despite the increase in fraudulent activity, the BoG expressed concern that only 43 per cent of implicated employees were actually dismissed.
The central bank attributed this gap to lengthy legal processes that discourage financial institutions from fully prosecuting offenders. It called for improved internal controls, more thorough background checks during recruitment, and stronger enforcement to deter future violations.
More broadly, the BoG recorded a five per cent rise in total fraud cases across the financial ecosystem, from 15,865 in 2023 to 16,733 in 2024. While banks experienced a marginal decline in fraud cases, the SDI and PSP sectors saw significant increases.
One of the most alarming developments was the surge in forgery and document manipulation, with the value at risk skyrocketing to GH¢53.5 million — up from GH¢6.9 million in 2023. This category alone accounted for 67 per cent of the total fraud value risk, largely driven by a single high-value case involving GH¢53 million.
Identity theft also rose sharply, with reported losses climbing from GH¢0.6 million to GH¢5.7 million. The BoG linked this rise to poor due diligence and verification processes using the Ghana Card system.
In total, the value at risk from fraud in 2024 reached GH¢99 million, a 13 per cent increase from GH¢88 million in the previous year. Banks bore the brunt of the losses, accounting for GH¢75 million. However, only GH¢3 million — or four per cent — of the at-risk funds were recovered, underscoring the challenge of asset recovery in the sector.
The PSP sector alone recorded 15,673 fraud cases, with a value at risk of GH¢19 million — representing increases of seven and 18 per cent, respectively.
The Bank of Ghana reiterated its commitment to promoting transparency through the annual publication of its fraud report. It urged financial institutions to collaborate more closely with law enforcement agencies and adopt a zero-tolerance approach to fraud to protect the integrity of Ghana’s financial system.
