BoG report reveals 155 Bank and SDI staff fired for Fraud in 2024

155 staff of banks and specialised deposit-taking institutions (SDIs) were fired in 2024 for their engagement in fraudulent activities, the newest annual fraud report from the Bank of Ghana (BoG) has disclosed.

Among them, 83 dismissals shows that 54 per cent were involved particularly in cash embezzlement and suppression, the most relevant type of internal fraud.

The report, that details banks, SDIs, and payment service providers (PSPs), shows a growing concerns around insider threats within the financial sector. Staff involvement in fraud increased by 33 per cent in 2024, with 365 workers accused of wrongdoing, up from 274 in the previous year.

“Cash theft/the most common staff-related fraud is suppression, accounting for 75% of internally reported issues,” the report highlighted. It also pointed out that regardless the range of offenses, only 43% of staff included were actually fired and a trend caused by delayed legal proceedings that undermine confidence in institutions from fully pursuing justice.

The Bank of Ghana showed deep concern about the “ continuous and steady increase in regulated financial institutions’ staff involvement in fraudulent activities,” and urged swift improvements in internal control systems. It encouraged banks and SDIs to increase scrutiny of job applicants, reinforce professional training, and thoroughly prosecute offenders to discourage future misconduct.

The BoG’s 2024 report also recorded a rise fraud cases within the banking sector. A total of 16,733 fraud cases were recorded last year, up from 15,865 in 2023  representing a five per cent increase. Although, banks reported a slight decrease, those within the SDI and PSP sectors experience significant increases.

The most significant increases happened in forgery and document manipulation, with the putting at risk assets valued at GH¢53.5 million approximately eight times the GH¢6.9 million recorded in 2023. This category alone represented two-third of the total fraud at risk  recorded by banks and SDIs. The significant increases was mainly caused by one key outlier case involving GH¢53 million.

Similarly, cases of identity theft increased sharply , with losses increasing from GH¢0.6 million in 2023 to GH¢5.7 million in 2024. The report pointed to poor verification proceedures using Ghana Cards.

In total, the financial risk from bank fraud, SDIs, and PSPs go to GH¢99 million in 2024, up 13 per cent from GH¢88 million the previous year. As per the report, almost GH¢75 million related to risks faced by banks alone.

Regardless these high figures, only GH¢3 million which showed four per cent of the total at risk was recovered. The BoG noted that a lot of legal battles pose significant challenges to recovering stolen funds and restoring public confidence.

The Payment Service Provider (PSP) sector alone recorded 15,673 fraud cases with an amount at risk of GH¢19 million, showing increases of seven per cent and 18 per cent . The BoG said it will continue releasing the yearly fraud report so that there will be accountability and transparency which will promote integrity of Ghana’s financial sector.

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