The Bank of Ghana has said even though fraud prevention and detection “remain at the heart” of its efforts at maintaining the financial integrity and stability of the banking system, some sectoral fraud cases are on the rise.

He told bankers at the annual general meeting of the Ghana Association of Bankers held on 19 September 2024: “As you would notice from the latest 2023 Fraud Report published by the Bank of Ghana this week, while banks reported a total count of 969 fraud cases which shows a 17% drop from the count of 1,163 cases in 2022, there has been an increase in the monetary loss from fraud.”

Banks’ total monetary value lost to fraud cases recorded an increase of 21% in 2023 to GH¢63 million compared to GH¢52 million in 2022, Dr Addison said.

“More worrying is the increase in the number of staff involved in fraud,” he complained.

“The number of staff involved in fraudulent activities in Banks and SDIs rose from 188 in 2022 to 274 in 2023, representing an increase of 46%,” he noted.

“It further emerged that out of the 274 cases of fraud recorded involving staff in 2023, 211 (77%) were involved in cash theft (cash suppression), as compared to 140 (66%) staff involved in 2022.”

“This means that while banks and SDIs are putting in place measures to detect and prevent fraud from outsiders, their own staff are increasingly perpetuating fraud,” he said.

He said the BoG is “obviously concerned about this growing trend and mandates Banks and SDIs to strengthen their internal controls and enhance staff due diligence during recruitment, as well as reinforcing continuous in-house staff training on professional conduct.”