The number of employees implicated in fraud across Ghana’s banks and Specialised Deposit-Taking Institutions (SDIs) declined significantly in 2025, according to the latest Bank of Ghana (BoG) Fraud Report, reflecting improvements in internal controls and fraud detection systems across the financial sector.
The report revealed that 219 employees were implicated in fraudulent activities during the year, representing a 40 percent decline from the 365 staff members recorded in 2024.
The reduction comes despite a sharp increase in overall fraud cases across Ghana’s financial sector, largely driven by a surge in electronic fraud within the Payment Service Provider (PSP) segment.
Although fewer employees were linked to fraudulent activities, the financial impact remained substantial. The total value at risk from fraud across banks and SDIs rose to GH¢101 million in 2025, highlighting the significant financial exposure institutions continue to face.
According to the central bank, the decline in employee involvement suggests that financial institutions are making progress in strengthening governance systems, tightening internal controls, and improving oversight mechanisms to detect and prevent fraudulent activities.
The report showed that banks recorded a 34 percent reduction in internal fraud cases involving employees, while Specialised Deposit-Taking Institutions registered an even sharper decline of 47 percent. These improvements point to enhanced monitoring systems and stricter compliance measures within the industry.
Despite the encouraging decline in staff-related fraud cases, cash theft and cash suppression continued to dominate internal fraud incidents.
The BoG report disclosed that 139 out of the 219 employees implicated in fraud—representing 63 percent—were involved in cash theft or cash suppression, making it the most common form of internal fraud recorded during the year.
While banks accounted for only 22 percent of reported cash suppression cases, they bore the overwhelming financial impact of such offences.
According to the report, banks recorded approximately GH¢40.7 million in value at risk from cash suppression, representing 96 percent of the total exposure across both banks and SDIs.
The central bank attributed the unusually high financial exposure primarily to a single fraud incident involving approximately GH¢36 million at one financial institution, underscoring the potentially severe consequences of isolated internal fraud cases.
The report also highlighted a decline in disciplinary actions against employees implicated in fraudulent activities.
Banks and SDIs dismissed a total of 75 employees for fraud-related offences in 2025, representing a 52 percent reduction compared with the 155 dismissals recorded in 2024.
Overall, only 34 percent of the 219 employees implicated in fraud were dismissed following investigations and disciplinary processes.
Cash theft and cash suppression remained the leading causes of employee dismissals. The report indicated that 44 of the 75 dismissals—representing 59 percent of all fraud-related terminations—were linked to cash-related offences.
The Bank of Ghana noted that although institutions have made significant progress in reducing staff involvement in fraud, the financial losses associated with internal fraud remain a major concern that requires sustained attention.
The central bank stressed that as banks and other financial institutions continue to expand their operations and accelerate digital transformation, robust fraud prevention systems will become even more critical to safeguarding customer funds and maintaining confidence in the financial system.
It emphasized the need for institutions to strengthen internal monitoring mechanisms, improve accountability frameworks and invest in proactive fraud detection technologies capable of identifying suspicious transactions before losses occur.
According to the BoG, maintaining effective internal controls and enforcing strict compliance standards will be essential in addressing persistent cash-related fraud while mitigating emerging risks associated with the growing use of digital financial services.
The report concluded that although the decline in employee involvement demonstrates encouraging progress in institutional resilience, the continued high value at risk from fraud underscores the need for ongoing vigilance and stronger preventive measures to protect the integrity and stability of Ghana’s financial sector.
