The Bank of Ghana(BoG) has raised red flags over a sharp 33% rise in staff-involved fraud within banks and Specialised Deposit-Taking Institutions (SDIs) in 2024.
According to its latest annual fraud report, 365 employees were implicated in various forms of financial misconduct, up from 274 in 2023.
The surge is attributed to persistent internal control failures and weak oversight mechanisms.
Cash theft and suppression dominated, accounting for 75% of internal fraud cases.
Of those implicated, 274 staff were directly involved in misappropriating or concealing funds.
Yet, only 43% were dismissed, with BoG citing complex legal procedures as a key reason why many institutions avoid pursuing full disciplinary action.
“The Bank of Ghana is concerned about the steady rise in staff-related fraud in regulated financial institutions,” the report stated.
BoG has urged tighter hiring practices and stronger legal action against offenders.
Beyond internal misconduct, overall fraud in the financial sector also rose.
A total of 16,733 cases were recorded in 2024, up 5% from 2023.
While fraud cases in traditional banks dipped slightly, incidents surged in SDIs and among Payment Service Providers (PSPs).
Notably, the value at risk from forgery and document manipulation skyrocketed to GH¢53.5 million, an almost eightfold increase from GH¢6.9 million in 2023.
Identity theft-related losses also surged nearly nine times higher than the previous year.
Despite the scale of the problem, only GH¢3 million of the GH¢83 million at risk was recovered, highlighting ongoing challenges with enforcement and asset recovery.
The BoG concluded with a call for a “zero tolerance” approach to internal fraud, and emphasised the need for deeper collaboration between financial institutions, regulators, and law enforcement to combat rising financial crime.
