The Bank of Ghana has reported a remarkable 26% reduction in fraud incidents reported by banks in 2024.
The latest report released by the central bank reveals a total of 716 cases were recorded across the banking sector. This is down from 969 cases in 2023 representing 26%.
The Central Bank credits the improvement to the strengthening of internal controls and enhanced fraud monitoring systems implemented by banks and Specialized Deposit-Taking Institutions (SDIs). The decline also underscores the financial sector’s ongoing commitment to improving transparency and security in its operations.
The Bank of Ghana emphasized that fraud prevention and detection remain key pillars in safeguarding the country’s financial integrity. All licensed financial institutions are therefore mandated to report any fraud-related incidents to the Bank of Ghana as part of a wider effort to promote accountability and reduce risk.
In addition to the drop in the number of cases within banks and SDIs, there was also an 18% decrease in attempted fraud cases across these institutions in 2024, reflecting growing awareness and vigilance across the sector.
While there was a modest increase in the overall number of fraud cases across all financial sub-sectors from 15,865 in 2023 to 16,733 in 2024, a 5% rise, this uptick was largely influenced by activities within the Payment Service Providers (PSP) sector.
Despite this, the broader trend across banks and SDIs remains encouraging.
Notably, cyber and email-related fraud, fraudulent withdrawals, and cash theft saw significant reductions, suggesting that investments in digital security and staff training are bearing fruit.
However, the report also noted an increase in document forgery and impersonation, pointing to areas where vigilance must be further strengthened.
The PSP sector recorded 15,673 fraud cases in 2024 with a value at risk of GH¢19 million, representing an increase of 7% in case numbers and 18% in value. Nevertheless, the improved detection capabilities in this space are allowing for quicker responses and better tracking of suspicious activity.
The central bank also acknowledged that while some challenges persist, the overall trajectory remains positive. The strides made in reducing fraud incidents within traditional banks and SDIs demonstrate that collaborative efforts between regulators and industry players are paying off.
