Staff involvement in fraudulent activities surged by 33% in 2024, according to the latest annual fraud report from the Bank of Ghana (BoG).
The report, which analyzes data from banks and Specialized Deposit-taking Institutions (SDIs), found that 365 employees were implicated in fraud cases last year, a significant rise from 274 cases in 2023.
Cash theft or suppression remained the most common form of internal fraud, representing about 75% of the incidents. Of those involved, 274 staff members were linked directly to this form of financial misconduct.
Despite the seriousness of these offences, only 43% of the implicated employees were dismissed. BoG attributed this low dismissal rate to prolonged legal proceedings that often discourage full prosecution.
The report also noted a general rise in fraudulent activity across the financial sector, with 16,733 cases reported in 2024, a 5% increase over the previous year. While fraud incidents in banks slightly declined, the SDI and Payment Service Provider (PSP) sectors recorded increases.
Particularly alarming was the spike in the value at risk from forgery and document manipulation, which soared to GH¢53.5 million in 2024, compared to GH¢6.9 million in 2023. Identity theft losses also rose nearly ninefold.
Despite the escalating threat, only GH¢3 million of the GH¢83 million at risk was recovered, highlighting the ongoing challenges in enforcement and asset recovery.
BoG has called for a “zero tolerance” approach to internal fraud and urged stronger collaboration among stakeholders to combat financial crime.
