A recent report released by the Bank of Ghana (BoG) has revealed that banks in Ghana recorded 716 fraud cases in 2024, representing a significant 26% decline from the 969 cases reported in 2023. This decline is attributed to the improvement of internal controls and risk management strategies implemented within the banking sector.
The BoG emphasized that fraud detection and prevention remain central to its efforts to uphold financial integrity. It reiterated that all banks and financial institutions are mandated to report any fraudulent activity as it occurs.
The report also highlighted positive trends across the banking and Specialised Deposit-Taking Institutions (SDI) sectors. Both sectors saw declines not only in the number of reported fraud cases but also in attempted fraud cases, which dropped by 18% compared to 2023. However, the total value at risk within these sectors rose by 11%, from GH¢72 million in 2023 to GH¢80 million in 2024.
Interestingly, while the number of cases within banks and SDIs dropped, the Payment Service Providers (PSP) sector experienced an uptick in both the number of fraud cases and the value at risk. In 2024, the PSP sector recorded 15,673 fraud cases—a 7% increase from 2023—while the value at risk surged by 18% to GH¢19 million.
Overall, the aggregate fraud cases across the banking, SDI, and PSP sectors increased by 5%, rising from 15,865 cases in 2023 to 16,733 in 2024. Correspondingly, the total value at risk also jumped from GH¢88 million in 2023 to approximately GH¢99 million in 2024—a 13% increase.
A deeper analysis of the 2024 data revealed that forgery and manipulation of documents, as well as impersonation and identity theft, saw significant increases. Particularly alarming was the rise in forgery-related fraud, which increased sevenfold from GH¢7.47 million in 2023 and accounted for 67% of the total value at risk in banks and SDIs for 2024.
Conversely, the report showed notable decreases in other fraud types such as cyber and email fraud, fraudulent withdrawals, and cash theft/suppression, suggesting progress in cybersecurity and internal vigilance.
However, the BoG report also highlighted a growing concern regarding the low rate of recovery of funds lost to fraud. Lengthy legal proceedings often discourage institutions from pursuing full legal redress, allowing many cases to remain unresolved.
The report underscores the need for continuous improvement in fraud detection mechanisms and the acceleration of judicial processes to support financial institutions in combating fraud and recovering lost funds.
