The Bank of Ghana (BoG) has raised alarms over the rising number of staff involved in fraudulent activities within banks and specialised deposit-taking institutions (SDIs). According to the Central Bank’s 2023 fraud report, staff-related fraud incidents surged from 188 in 2022 to 274 in 2023, reflecting a significant 46% increase.
Of the 274 cases involving staff, 211 were related to cash theft (cash suppression), where employees concealed and diverted cash deposits or customer payments. This marks a notable increase from the 140 cases recorded in 2022.
In response, the BoG has urged banks and SDIs to strengthen internal controls, enhance recruitment due diligence, and provide continuous staff training on professional conduct to mitigate these issues.
While the report highlighted a 17% decline in overall fraud incidents in banks, dropping to 969 cases in 2023, financial losses spiked. Total losses reached GH¢63 million, up 21% from GH¢52 million in 2022.
Cash theft was the most significant source of fraud losses, accounting for GH¢14.8 million in 2023—a dramatic 14-fold increase from GH¢1 million in 2022. The report attributes this surge to incidents involving foreign currency and exchange rate fluctuations.
Cyber and email fraud ranked second with losses of GH¢10.5 million, followed by fraudulent account withdrawals, which resulted in GH¢8.4 million in losses. Forgery and document manipulation accounted for GH¢6.9 million, a sharp decline from GH¢32 million in 2022. Cheque fraud rounded out the top five with GH¢6.1 million in losses.
