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.
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.
