Ghana’s financial sector is facing an escalating internal security threat as a growing number of employees in banks and Specialised Deposit-Taking Institutions (SDIs) are being implicated in fraud-related activities, according to the 2024 Fraud Report released by the Bank of Ghana.
The report reveals a troubling 33% increase in staff involvement in fraud cases, rising from 274 personnel in 2023 to 365 in 2024 — a clear signal that internal fraud remains a persistent vulnerability within the country’s financial ecosystem.
A staggering 75% of these staff-related cases were linked to cash theft or suppression, highlighting the continuing abuse of access to physical cash and weak oversight within some financial institutions. Although this marked a slight drop from 77% in 2023, the trend remains alarmingly high.
Over 150 Staff Dismissed — Most for Cash Theft
Out of the total fraud-related incidents, 155 staff members were dismissed, with 83 (54%) of those terminations directly tied to cash theft-related schemes.
The Bank of Ghana (BoG) has expressed concern about the steady rise in insider-led fraud and is urging banks and SDIs to tighten internal controls, conduct stricter background checks during hiring, and invest in continuous ethics training for staff.
“The integrity of financial institutions must begin from within,” the BoG cautioned in the report, emphasizing that staff involvement not only damages institutional reputation but also undermines public confidence in the banking system.
Calls for Accountability and Prosecution
The central bank is also calling for financial institutions to go beyond internal disciplinary actions and pursue criminal prosecution of offending staff to deter potential fraudsters and signal a zero-tolerance stance.
“Prosecution of fraudsters must be enforced to serve as a deterrent to others,” the report stated.
GH¢3 Million Recovered Through Collaboration
Despite the concerning trends, the report offered a sliver of good news: GH¢3 million — representing 4% of the total fraud value at risk — was recovered in 2024, thanks to proactive fraud mitigation measures and collaboration across industry stakeholders.
The total value of fraud attempts was estimated at GH¢83 million, with GH¢80 million still at risk after recoveries.
The Bank of Ghana says it will continue working with banks, SDIs, and payment service providers to strengthen sector-wide safeguards and reduce fraud vulnerability — especially from within.
