Bank of Ghana report reveals sharp rise in staff-related fraud cases
According to the BoG’s annual fraud report, 365 employees were linked to fraud cases last year—up from 274 in 2023. The majority of these incidents involved cash theft or suppression, which accounted for nearly 75% of internal fraud cases. Of those implicated, 274 staff members were found to be directly involved in this form of misconduct.
- Advertisement -
Staff involvement in financial fraud rose sharply in 2024, with the Bank of Ghana (BoG) reporting a 33% increase in cases involving employees of banks and Specialized Deposit-Taking Institutions (SDIs).
According to the BoG’s annual fraud report, 365 employees were linked to fraud cases last year—up from 274 in 2023. The majority of these incidents involved cash theft or suppression, which accounted for nearly 75% of internal fraud cases. Of those implicated, 274 staff members were found to be directly involved in this form of misconduct.
- Advertisement -
Despite the serious nature of these offences, only 43% of the employees involved were dismissed. The Bank of Ghana explained that lengthy legal procedures often discourage institutions from pursuing full disciplinary or legal action.
- Advertisement -
“The Bank of Ghana expressed concern about the consistent and steady increase in regulated financial institutions’ staff involvement in fraudulent activities,” the report stated. The BoG urged financial institutions to strengthen their recruitment processes and ensure thorough prosecution of those found guilty.
Beyond internal staff misconduct, the overall number of fraud incidents across the financial sector also rose. In total, 16,733 cases were reported in 2024—an increase of 5% compared to the previous year. While fraud cases in the banking sector saw a slight decline, incidents in the SDI and Payment Service Provider (PSP) sectors went up.
- Advertisement -
The report highlighted a dramatic increase in forgery and document manipulation, with the value at risk soaring to GH¢53.5 million in 2024—up from GH¢6.9 million in 2023. Losses from identity theft also rose sharply, nearly multiplying ninefold.
Despite the rising threat, the BoG reported that only GH¢3 million out of the total GH¢83 million at risk was recovered, pointing to ongoing challenges in enforcement and financial crime recovery.
To combat these issues, the report called for stricter measures, including a culture of “zero tolerance” for internal fraud and stronger collaboration among stakeholders to tackle financial crimes across the sector.
Source: dailymailgh.com
- Advertisement -
