Staff involvement in fraud rose sharply by 33% in 2024, with 365 employees implicated, up from 274 in 2023, according to the Bank of Ghana’s latest Annual Fraud Report. The report, covering banks and specialized deposit-taking institutions (SDIs), identified cash theft and suppression as the most common offences, accounting for nearly 75% of cases.
Despite the severity of the misconduct, only 43% of the involved staff were dismissed, a figure the BoG links to lengthy legal processes. The central bank is urging financial institutions to tighten recruitment checks and ensure full prosecution of offenders.
Overall, the financial sector recorded 16,733 fraud cases in 2024 — a 5% increase from the previous year. While fraud cases in banks declined, SDIs and payment service providers saw a rise.
Forgery and document manipulation also surged, with the value at risk jumping to GH¢53.5 million from GH¢6.9 million in 2023. Identity theft losses rose significantly as well. However, only GH¢3 million of the GH¢83 million at risk was recovered.
The BoG is calling for a zero-tolerance approach to internal fraud and stronger collaboration to combat financial crime.
