The Bank of Ghana has warned bank staff against living beyond their means, cautioning that such habits increase the temptation to commit fraud within the financial sector.
Eric Cab-Beyuo, Head of the Fraud Compliance and Reporting Unit at the Bank of Ghana, described staff-related fraud as a growing concern that must be “nipped in the bud.”
“Let us live within our means; fraud perpetrated by bank staff is becoming an issue…we should all ensure we live within our means and desist from undertaking fraud in our industry,” Mr. Cab-Beyuo said during a webinar organised by Deloitte.
The session explored how technology can help financial institutions effectively curb fraud.
Charlotte Forson-Abbey, a Partner at Deloitte, stressed that fraud prevention begins with strong internal systems, not auditors.
She explained that while auditors may detect irregularities, it is the responsibility of boards and management to establish controls that prevent and uncover fraud.
Her comments come on the heels of the Bank of Ghana’s 2024 fraud report, which painted a troubling picture. The report documented 16,733 fraud cases, a 5% increase from 2023.
While fraud in traditional banks slightly declined, incidents surged in the Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) sectors.
Forgery and document manipulation saw the steepest rise, with the value at risk jumping to GH¢53.5 million in 2024, up from GH¢6.9 million in 2023. Identity theft losses also grew nearly ninefold.
A particularly alarming trend is the increasing involvement of bank staff. In 2024, 365 employees were implicated, compared to 274 in the previous year, a 33% rise.
Cash theft or suppression accounted for the majority of cases, with 274 staff directly involved. Despite the scale, only 43% of those implicated were dismissed, largely due to lengthy legal processes.
The report also revealed that financial institutions managed to recover just GH¢3 million out of GH¢83 million at risk, underscoring the scale of the challenge.
The Bank of Ghana has urged commercial banks and SDIs to strengthen recruitment screening, enforce strict disciplinary measures, and ensure the diligent prosecution of offenders.
It further called for a “zero-tolerance” culture toward fraud and closer collaboration among regulators, banks, and law enforcement agencies.
Forson-Abbey reiterated that under International Standards of Auditing (ISA), the detection of fraud is not the core responsibility of auditors. Instead, boards, audit committees, and management must build systems that promote transparency and resilience.
“This is not just an economic issue but it is a trust and governance issue. Fraud erodes public confidence, and only strong systems can protect institutions from this threat,” she added.
