Bank of Ghana Flags 33% Surge in Staff-Related Fraud for 2024

The Bank of Ghana has raised serious concerns over a significant rise in employee-related fraud within the banking and specialised deposit-taking sector. In its 2024 annual fraud report, the central bank disclosed a 33% increase in the number of staff implicated in fraudulent activities—365 cases, up from 274 in 2023.

The report, which monitors both banks and specialised deposit-taking institutions (SDIs), attributes the uptick to persistent internal control weaknesses and oversight failures. Cash theft and suppression remain the most prevalent offenses, accounting for over 75% of reported cases. Alarmingly, 274 employees were directly involved in stealing or concealing funds.

However, only 43% of those involved were dismissed, as lengthy legal processes and bureaucratic delays continue to hinder full disciplinary action. The Bank of Ghana warned that such trends reflect a broader pattern of rising fraud and weak enforcement across the financial ecosystem.

In total, 16,733 fraud incidents were recorded in 2024, representing a 5% increase from the previous year. While traditional banks saw a slight dip in cases, SDIs and Payment Service Providers (PSPs) experienced a spike in both volume and value of fraud.

Forgery and document manipulation posed a major threat, with the value at risk jumping to GH¢53.5 million, compared to GH¢6.9 million in 2023. Identity theft losses also surged nearly ninefold, emphasizing the growing sophistication of fraudulent schemes.

Despite the staggering figures, only GH¢3 million out of the GH¢83 million at risk was recovered, highlighting the urgent need for stronger enforcement and recovery frameworks.

The Bank of Ghana is now calling on financial institutions to adopt a zero-tolerance approach to internal fraud, strengthen their recruitment and screening processes, and ensure that offenders face prompt and firm consequences. Collaboration among regulators, law enforcement, and industry stakeholders is also being emphasized as key to combating the growing threat of financial crime in the sector.

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