• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Staff Involvement in Fraud Cases at Banks and SDIs Rise by 46%, Central Bank Report Shows

1 year ago
in Banking & Finance, Business, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
106
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Staff Involvement in Fraud Cases at Banks and SDIs Rise by 46%, Central Bank Report Shows

The Bank of Ghana has expressed deep concern over the rising involvement of staff in fraudulent activities within banks and specialised deposit-taking institutions (SDIs).

According to the Central Bank’s 2023 fraud report, the number of staff implicated in fraud rose by 46%, from 188 cases in 2022 to 274 in 2023. Of these, 211 cases involved cash theft, a sharp increase from 140 in the previous year.

The central bank’s data reveal that cash suppression, the concealment and diversion of cash deposits or customer payments by employees, remains the most prevalent form of staff-related fraud.

In response, the Bank of Ghana has directed financial institutions to tighten internal controls, enhance due diligence during recruitment, and prioritise staff training on professional conduct.

Despite a 17% decline in the overall number of fraud incidents reported by banks—969 cases in 2023 compared with 1,170 in 2022—the financial sector has seen a significant surge in losses. The total value of losses reached GH¢63 million in 2023, a 21% rise from the GH¢52 million recorded in 2022.

Cash theft alone accounted for GH¢14.8 million of these losses, a staggering increase from just GH¢1 million the previous year, driven by cases of foreign currency theft and exchange rate movements.

RelatedPosts

Producer Price Inflation Rises Marginally to 3.2% in September 

LaLiga Cancels Barcelona vs. Villarreal Match Scheduled to Take Place in Miami

Black Queens Coach Confident Ahead Of WAFCON Qualifier Against Egypt

Cyber and email fraud ranked second in terms of loss, amounting to GH¢10.5 million, followed by fraudulent account withdrawals with losses of GH¢8.4 million.

Although forgery and document manipulation saw a steep decline—recording GH¢6.9 million in losses, down 78% from GH¢32 million in 2022—cheque fraud accounted for GH¢6.1 million in 2023.

The rise in financial losses despite fewer incidents highlights the increasing sophistication of fraudulent schemes within Ghana’s banking sector. The Bank of Ghana’s call for stricter internal controls and more robust oversight comes as the sector grapples with the challenge of mitigating risk while safeguarding client trust.

Tags: Central Bank ReportCentral Bank Report Showsfraud casesStaff InvolvementStaff Involvement in Fraud Cases at Banks and SDIs Rise by 46%
No Result
View All Result

Highlights

UEFA Champions League: Bayern and Real Madrid Stay Perfect, Liverpool and Chelsea hit Five In Record-Breaking Week

Gold Price Falls by Most in Over a Decade as Rally Cools

Businesses Flock to Ethiopia’s Newly-Opened Banking Market

Among Africa’s Top Performing Currencies — the Zambian Kwacha

PIAC Urges Increased Investment in Petroleum Sector as Ghana Projected to Capture 20% of West Africa’s $80bn Oil and Gas Market by 2033

BoG Reviewing Consumer Recourse Mechanism to Address Gaps in Complaint Redress System, Says 2nd Deputy Governor

Trending

Business

Producer Price Inflation Rises Marginally to 3.2% in September 

October 23, 2025

Producer Price Inflation Rises Marginally to 3.2% in September  Ghana’s year-on-year Producer Price Inflation (PPI) for all...

LaLiga Cancels Barcelona vs. Villarreal Match Scheduled to Take Place in Miami

October 23, 2025

Black Queens Coach Confident Ahead Of WAFCON Qualifier Against Egypt

October 23, 2025

UEFA Champions League: Bayern and Real Madrid Stay Perfect, Liverpool and Chelsea hit Five In Record-Breaking Week

October 23, 2025

Gold Price Falls by Most in Over a Decade as Rally Cools

October 22, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.