The Bank of Ghana’s 2024 Annual Fraud Report reveals troubling trends in the financial sector, particularly regarding internal staff misconduct and the growing threat of financial fraud.
At least 155 employees of banks and specialised deposit-taking institutions (SDIs) were dismissed in 2024 due to their involvement in fraudulent activities — a 33% year-on-year increase in staff-related fraud cases.
🛑 The most common offence? Cash theft and suppression, accounting for 54% of dismissals and 75% of all internal fraud incidents.
While over 16,700 fraud cases were reported across banks, SDIs, and Payment Service Providers (PSPs), only 4% of the GH¢99 million at risk was recovered — highlighting systemic issues in prosecution and internal enforcement.
Key highlights from the report:
- 📈 Forgery & document manipulation surged, with GH¢53.5 million at risk — driven largely by one high-value case.
- 🆔 Identity theft losses jumped from GH¢0.6M in 2023 to GH¢5.7M in 2024, linked to weak verification practices.
- 🧾 PSP sector alone recorded 15,673 fraud cases, with GH¢19M at risk — an 18% increase over the previous year.
- 🔄 Only 43% of staff involved in fraud were dismissed, due to delays and complications in legal proceedings.
MAY INTEREST YOUGhana’s Journey to a Cash-Light Economy: Progress Made, but Gaps Remain
U.S. 10% Tariff: Ghanaian Exporters Face Fresh Hurdles on Key Imports
The Bank of Ghana is urging all financial institutions to: ✔️ Strengthen background checks during recruitment ✔️ Improve internal control frameworks ✔️ Enhance professional ethics and fraud detection training ✔️ Ensure swift prosecution and recovery of funds
At Bizexcel Partners, we understand that robust internal controls, proactive risk management, and regulatory compliance are critical in protecting your organisation’s financial integrity.
💼 Need a comprehensive audit of your internal controls or fraud risk systems? Speak to our team of accountants and advisory experts today.
