Banking Fraud in Ghana Soars to GH¢99 Million, Driven by Increased Staff Involvement
Ghana’s banking sector is grappling with a concerning rise in fraudulent activities, with losses reaching a staggering GH¢99 million in 2024. This represents a 13% increase compared to the previous year, according to recent data released by the Bank of Ghana (BoG). The surge is particularly alarming due to a significant rise in the number of bank employees implicated in these fraudulent schemes.
Alarming Rise in Staff Involvement
Speaking at a recent stakeholder engagement programme in Accra, the Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, highlighted the disturbing trend of increased staff participation. The central bank’s latest Fraud Report indicates a substantial jump in the number of fraud cases from 15,865 in 2023 to 16,733 in 2024. However, the most worrying aspect is the 33% increase in staff involvement, with cases rising from 274 in 2023 to 365 in 2024. Asante-Asiedu emphasized that this growing trend poses a “significant threat to the integrity and resilience of our banking system.”
The increase in fraudulent activities within Ghana’s banking sector calls for stringent measures to be put in place. Increased vigilance, coupled with robust internal controls and thorough background checks on employees, are crucial in curbing this concerning trend and safeguarding the financial system’s integrity.
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