At least 155 staff members of banks and specialized deposit-taking institutions (SDIs) were dismissed in 2024 for their involvement in fraudulent activities, according to the latest annual fraud report from the Bank of Ghana (BoG).
Of these, 83 dismissals — representing 54 percent — were linked specifically to cash theft and suppression, the dominant form of internal financial misconduct.
The report, which covers banks, SDIs, and payment service providers (PSPs), paints a concerning picture of rising insider threats within the financial sector. Staff involvement in fraud jumped by 33 percent in 2024, with 365 employees implicated in various offenses, up from 274 in the previous year.
“Cash theft/suppression remains the most prevalent staff-related fraud, accounting for 75% of reported internal cases,” the report stated. It also noted that despite the scale of offenses, only 43% of staff involved were actually dismissed — a trend blamed on protracted legal procedures that discourage institutions from fully pursuing justice.
The Bank of Ghana expressed deep concern about the “consistent and steady increase in regulated financial institutions’ staff involvement in fraudulent activities,” and called for immediate improvements in internal control systems. It urged banks and SDIs to intensify recruitment background checks, reinforce professional training, and ensure diligent prosecution of offenders to deter future breaches.
The BoG’s 2024 report also documented a broader increase in fraudulent activity across the financial ecosystem. A total of 16,733 fraud cases were recorded last year, up from 15,865 in 2023 — representing a five percent increase. While fraud cases in traditional banks decreased slightly, those within the SDI and PSP sectors saw noticeable rises.
The most dramatic spike was seen in forgery and document manipulation, with the value at risk ballooning to GH¢53.5 million — nearly eight times the GH¢6.9 million recorded in 2023. This category alone accounted for 67 percent of the total fraud value risk recorded by banks and SDIs. The surge was primarily driven by one major outlier case involving GH¢53 million.
Similarly, identity theft saw significant growth, with losses increasing from GH¢0.6 million in 2023 to GH¢5.7 million in 2024. The report attributed this spike to weak due diligence practices and poor verification processes using Ghana Cards.
In total, the value at risk from fraud across banks, SDIs, and PSPs reached approximately GH¢99 million in 2024, up 13 percent from GH¢88 million the previous year. Of this, about GH¢75 million related to risks faced by banks alone.
Despite these high figures, only GH¢3 million — representing four percent of the total at risk — was recovered. The BoG acknowledged that prolonged legal battles remain a major obstacle to recovering stolen funds and restoring public confidence.
The Payment Service Provider (PSP) sector alone recorded 15,673 fraud cases, with a value at risk of GH¢19 million, representing increases of seven percent and 18 percent, respectively.
The BoG urged continued collaboration between financial institutions and law enforcement agencies to create a “zero-tolerance culture” toward fraud. It said it will continue publishing the annual fraud report to promote transparency and safeguard the integrity of Ghana’s financial sector.
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