The Bank of Ghana has revealed a 33% surge in employee involvement in fraudulent activities within the banking and specialized deposit-taking sector for 2024, marking a significant rise in financial misconduct across the industry.
According to the Bank’s latest annual fraud report, 365 employees were implicated in various fraudulent acts, a dramatic increase from the 274 recorded in 2023.
The report highlights persistent internal lapses and oversight challenges as key factors driving this alarming trend. Cash theft or suppression remains the most prevalent form of internal fraud, accounting for a staggering three-quarters of the cases.
Of the total number of implicated staff, 274 were directly involved in concealing or unlawfully appropriating cash, underscoring the deep-rooted issues within the sector.
Despite the severity of these offences, the report reveals that only 43% of those involved were dismissed, with many institutions opting for leniency due to lengthy legal processes that often prevent swift action. The Bank of Ghana has expressed growing concern about the rising trend of fraud, urging banks and specialized deposit-taking institutions (SDIs) to tighten their recruitment processes and ensure that offenders face strict prosecution.
In addition to employee misconduct, the fraud report paints a broader picture of escalating fraudulent activities within Ghana’s financial sector. A total of 16,733 fraud cases were recorded in 2024, reflecting a 5% increase from the previous year. While incidents in traditional banks saw a slight decline, fraud cases in SDIs and Payment Service Providers (PSPs) surged.
One of the most alarming findings is the sharp rise in the value at risk due to forgery and document manipulation, which escalated to GH¢53.5 million—nearly eight times the GH¢6.9 million reported in 2023. Additionally, identity theft-related losses saw a near ninefold increase, further intensifying concerns.
Although a significant portion of these fraudulent activities was identified, only GH¢3 million of the estimated GH¢83 million at risk was successfully recovered, highlighting serious challenges in enforcement and asset retrieval.