The latest annual fraud report from the Bank of Ghana (BoG) has revealed a 5% increase in reported fraud cases across Ghana’s financial sector in 2024.
The total number of cases rose from 15,865 in 2023 to 16,733 in 2024, with the total value at risk also jumping by 13%—from GH¢88 million to approximately GH¢99 million.
The report, which tracks fraudulent activity across banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs), highlights key trends and typologies of fraud while offering directives aimed at strengthening the integrity of the financial sector.
A sectoral breakdown shows mixed trends. Banks and SDIs experienced a reduction in the number of attempted fraud cases—an 18% drop compared to 2023. However, despite this decline, the total value at risk in these sectors climbed by 11%, reaching GH¢80 million in 2024, up from GH¢72 million in 2023.
According to BoG, the sharp rise in value at risk was largely driven by a seven-fold increase in forgery and manipulation of documents, which alone accounted for 67% of the total value at risk among banks and SDIs.
Other significant fraud types included impersonation and identity theft. Meanwhile, incidents of cyber fraud, fraudulent withdrawals, and cash theft all saw notable declines.
The Payment Service Providers sector presented a contrasting picture, with both the number of cases and value at risk increasing. The PSP sector recorded 15,673 cases with a value at risk of GH¢19 million—an increase of 7% and 18%, respectively, over the previous year.
While SDIs saw a reduction in value at risk, the number of cases went up. Banks, on the other hand, reported a decrease in fraud case counts but higher monetary exposure. BoG attributes the growing financial impact of fraud in part to lengthy legal proceedings, which often lead banks and SDIs to abandon recovery efforts.
In response, the central bank says it is actively engaging institutions with high incidences and values of fraud. The report concludes with a set of directives aimed at helping banks, SDIs, and PSPs reduce fraud risks and improve financial security across the sector.
The BoG emphasized that continued collaboration and vigilance are crucial in safeguarding the soundness and integrity of Ghana’s financial system.
