Bank Of Ghana Records 33% Surge In Staff-Related Fraud Cases In 2024

The Bank of Ghana has reported a notable 33% increase in staff-involved fraud within the banking and specialised deposit-taking sectors for the year 2024.

According to its latest annual fraud report, 365 employees were implicated in various forms of financial misconduct—up from 274 cases recorded in 2023.

The report, which focuses on banks and Specialised Deposit-Taking Institutions (SDIs), attributes much of this rise to persistent internal control weaknesses and challenges in supervisory oversight.

Cash theft or suppression remained the most prevalent form of internal fraud, accounting for 75% of reported cases. Out of all the employees involved, 274 were directly linked to the concealment or unlawful appropriation of funds.

Despite the serious nature of these offences, only 43% of the implicated staff were dismissed. The Bank of Ghana noted that lengthy and often complex legal processes discourage many institutions from enforcing comprehensive disciplinary actions.

“The Bank of Ghana expressed concern over the persistent increase in fraudulent activities involving staff of regulated financial institutions,” the report stated.

The central bank also called on banks and SDIs to “strengthen recruitment screening procedures and pursue the rigorous prosecution of offenders.”

Beyond employee-related fraud, the report pointed to a broader uptick in fraudulent activities across the financial sector.

A total of 16,733 fraud cases were reported in 2024—a 5% increase over the previous year. While cases in traditional banks slightly declined, there was a marked rise in incidents within SDIs and Payment Service Providers (PSPs).

Source: Nkonkonsa.com