The Bank of Ghana has directed all banking institutions to minimize fraud by strengthening dual-control mechanisms and implementing mandatory staff rotations for employees in sensitive roles.
According to the Bank of Ghana’s 2024 Fraud Report, while fraud incidents declined by 18% compared to the previous year, the total value at risk increased by 11%, rising from GH¢72 million in 2023 to GH¢80 million in 2024.
The report, which also includes data from Payment Service Providers (PSPs), revealed a significant surge in forgery and document manipulation, which emerged as the most severe form of fraud.
This category accounted for 67% of the total value at risk for banks and specialised Deposit-taking institutions (SDIs) in 2024, with losses skyrocketing from GH¢7.47 million in 2023 to GH¢53.5 million—a nearly sevenfold increase. This was largely due to a single major incident involving GH¢53 million.
Losses due to identity theft also rose sharply, increasing from GH¢0.6 million in 2023 to GH¢5.7 million in 2024. This spike was attributed to inadequate due diligence during financial transactions involving the Ghana Card.
The report further noted that recovering fraud-related losses remains a significant challenge for financial institutions. Lengthy legal proceedings often deter banks from pursuing restitution.
In the PSP sector, the total value at risk climbed to GH¢19 million in 2024, with 15,673 reported cases. This represents an 18% increase in the value of cases and a 7% rise in the number of incidents compared to 2023.
As part of its recommendations, the Bank of Ghana has instructed all banks and specialised deposit-taking institutions to begin implementing compulsory staff rotations for individuals in critical roles. The Central Bank also called for the need to foster a security awareness culture through regular events, forums, and discussions.