Bank of Ghana Reports 5% Rise in Financial Fraud Cases in 2024, Staff Involvement Up by 33%

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ACCRA, Ghana – April 25, 2025 — A new report released by the Bank of Ghana (BoG) has uncovered a troubling rise in financial sector fraud in 2024, with a 5% increase in total cases and a 33% jump in staff involvement, prompting calls for stronger institutional checks and enforcement.

According to the report, 16,733 fraud cases were recorded in 2024, up from 15,937 in 2023. While traditional banks saw a slight dip in cases, the report highlighted a sharp increase in fraud within Specialized Deposit-taking Institutions (SDIs) and Payment Service Providers (PSPs).

Alarming Rise in Forgery and Identity Theft

Among the most striking revelations was an eightfold rise in forgery-related losses, with GH¢53.5 million lost to document manipulation and forgery, compared to GH¢6.9 million the previous year. Identity theft losses also rose nearly ninefold, signaling a major shift toward more complex financial crimes.

Internal Fraud Deepens

Internal fraud remains a major concern, with 365 bank staff implicated in fraudulent activities in 2024, up from 274 in 2023. The most prevalent form of internal fraud was cash theft or suppression, involving 274 employees.

Despite the scale of staff involvement, only 43% of implicated employees were dismissed, largely due to prolonged legal procedures. The central bank warned of a “consistent and steady increase” in insider threats and called on banks to tighten recruitment screening and expedite legal prosecution of offenders.

Recovery Rates Remain Low

Efforts to recover stolen funds remain minimal. Of the GH¢83 million at risk, financial institutions recovered only GH¢3 million, underscoring the difficulty in asset tracing and retrieval.

BoG’s Call to Action

The Bank of Ghana is advocating for a “zero tolerance” culture toward internal fraud and urged financial institutions to:

Bolster due diligence in recruitment processes
Improve internal controls
Enhance collaboration with law enforcement and regulators

As the nation’s financial sector continues to modernize, the report stresses the need for robust fraud prevention frameworks to maintain public confidence and protect institutional integrity.

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