BoG Governor addresses concerns over rising employee fraud at National Banking and Ethics Conference
In a keynote address at the 27th National Banking and Ethics Conference organized by the Chartered Institute of Bankers, Ghana, Dr. Ernest Addison, the Governor of the Bank of Ghana, highlighted the pervasive impact of fraud within the banking sector, emphasizing its potential to erode public trust and compromise the integrity of the entire industry.
Dr. Addison acknowledged a reported decline in staff involvement in fraud cases from 278 in 2021 to 188 in 2022, as indicated by the 2022 Banks, SDIs, and PSPs Fraud report. However, he expressed ongoing concern regarding the persistence of unethical practices among bank employees.
Notably, instances of cash theft, including cash suppression from customers’ accounts and fraudulent withdrawals, were identified as prevalent issues.
The Governor underscored the need to address these challenges through educational and ethical initiatives within financial institutions. Dr. Addison advocated for increased awareness of ethical issues, comprehensive ethical training for banking professionals, and the cultivation of an ethical culture within institutions.
This approach, he argued, would equip professionals with the knowledge and skills to navigate ethical dilemmas and proactively address potential blind spots.
In a proactive move to enhance professional development and instill ethical values, the Chartered Institute of Bankers (CIB) is set to launch a redesigned Chartered Banker (ACIB) curriculum and an ethics certification program.
These initiatives aim to foster specialized knowledge, improve competency, and cultivate a culture of ethics within the industry. The CIB’s ethics certification, a mandatory requirement for all employees in the banking sector, includes an annual recertification process.
Additionally, key management positions will incorporate ethics certification as part of the fit and proper assessment, a move endorsed and supported by the Bank of Ghana.
This comprehensive approach outlined by Dr. Addison reflects a commitment to fortifying ethical standards within the banking sector, underscoring the importance of proactive measures, education, and ongoing certification to uphold the integrity of the industry.
