BoG: 75 Bank Staff Dismissed as Financial Sector Fraud Cases Rise 48%
Bank of Ghana report attributes the sharp increase in fraud largely to the Payment Service Providers sector as digital financial transactions continue to expand.
- Fraud cases rose by 48% in 2025.
- 75 bank staff dismissed over fraud.
- PSP sector recorded highest increase.
Fraud cases in Ghana’s financial sector increased sharply in 2025, with the Bank of Ghana (BoG) reporting a 48 percent rise in incidents, largely driven by fraud in the Payment Service Providers (PSP) sector.
According to the Bank of Ghana’s 2025 Fraud Report, released by its Financial Stability Department, reported fraud cases across banks, Specialised Deposit-Taking Institutions (SDIs), and PSPs rose from 16,733 in 2024 to 24,778 in 2025. The total value at risk also increased slightly from GH¢99 million to GH¢101 million.
The report noted that fraud has increasingly shifted towards the PSP sector, where cases nearly doubled due to the rapid expansion of digital financial services and relatively low levels of digital literacy among some users.
Electronic fraud cases within the PSP sector climbed by 54 percent, rising from 15,673 in 2024 to 24,124 in 2025. The value at risk also surged from GH¢19 million to GH¢37 million over the same period.
In contrast, banks recorded improvements, with the total value at risk falling by 24 percent to GH¢57 million. However, cash suppression emerged as the most significant fraud category, accounting for GH¢40.7 million in losses, largely due to a single outlier case involving GH¢36 million.
Specialised Deposit-Taking Institutions also recorded an increase in fraud exposure, with the value at risk rising by 77 percent to approximately GH¢8 million. Forgery and document manipulation accounted for the largest share of these losses.
The report further revealed that staff involvement in fraud within banks and SDIs declined significantly, dropping from 365 employees in 2024 to 219 in 2025. Of those implicated, 139 were involved in cash theft and cash suppression.
Banks and SDIs dismissed a total of 75 employees for fraud-related offences in 2025, down from 155 dismissals recorded the previous year. Nearly 60 percent of the dismissals were linked to cash theft.
The BoG said approximately GH¢3.7 million was recovered from fraud-related losses during the year, reducing the sector’s overall value at risk to GH¢64.5 million.
The central bank called for stronger collaboration among financial institutions, regulators, law enforcement agencies, and the public to combat the evolving threat of fraud. It also reaffirmed its commitment to strengthening regulatory oversight, enhancing supervision, and implementing measures to safeguard Ghana’s financial system as digital financial services continue to expand.
