Fraudulent activities among staff at Banks and Specialised Deposit-Taking Institutions (SDIs) saw a notable increase in 2024, with the number of involved employees rising by 33%, from 274 in 2023 to 365.

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According to the 2024 Fraud Report by Banks, SDIs, and Payment Service Providers, cash theft and suppression were the most common forms of fraud, accounting for 75% of cases, slightly down from 77% in 2023.

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The report also indicates that 155 staff members were dismissed for fraud, with 83, or 54%, of those dismissals specifically related to cash theft. The Bank of Ghana has expressed growing concern over the steady rise in fraudulent behavior within regulated financial institutions in Ghana.

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To tackle this issue, the Bank of Ghana is urging Banks and SDIs to improve their internal controls, strengthen staff recruitment checks, and enhance ongoing training focused on professional conduct. Additionally, it calls for the prosecution of offenders to deter future fraudulent activities.

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The report further highlights that GH¢3 million was recovered, representing 4% of the total fraud value at risk, which amounted to GH¢83 million.

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The report added that this recovery helped reduce the overall risk to GH¢80 million, thanks to collaboration between stakeholders and the implementation of fraud prevention measures by financial institutions.

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