The Bank of Ghana’s 2025 Fraud Report has pointed out that total reported fraud cases across the three regulated subsectors, Banks, Specialised Deposit-Taking Institutions (SDIs),and Payment Service Providers (PSPs), increased significantly in 2025 as compared to 2024, driven almost entirely by developments in the PSP sector.
On a year-on-year basis, the report said, the total count of fraud cases rose from 16,733 in 2024 to 24,778 in 2025.
The total value at risk rose from GH¢ 99 million in 2024 to GH¢ 101 million, it said.
Over a four-year period from 2022 to 2025, total fraud cases increased steadily from 15,164 to 24,778, while aggregate value at risk rose from GH¢82 million to GH¢101 million it added.
It further revealed that over the four-year period, while Banks and SDIs recorded notable reductions in both the number of fraud incidents and overall exposure, PSPs experienced increases in both the number of fraud cases (up 98%) and value at risk (up 42%).
“Fraud activity has therefore progressively migrated towards the PSP sector, closely correlating with rapid growth in transaction volumes and relatively lower levels of digital literacy among users, notwithstanding the sector’s significant contribution to financial inclusion,” the report said.
Fraud types in banks
Cash suppression accounted for the highest value at risk in 2025, totalling GH¢40.7 million, which represents an 18-fold increase compared to the GH¢2.3 million recorded in 2024.
The significant jump in the value at risk for this fraud category was driven by an outlier situation involving an amount of GH¢36 million.
❑ E-money fraud increased from GH¢3.5 million in 2024 to GH¢4.6 million in 2025. This represents a 32% increase.
❑ Fraudulent withdrawal increased by 118%, recording a value at risk of GH¢3.97 million in 2025, as compared to GH¢1.82 million in 2024.
❑ ATM/POS fraud recorded a value at risk of GH¢2.43 million in 2025, this represents a 41% decline from the GH¢4.14 million value recorded in 2024.
❑ The last of the top five, burglary, recorded value at risk of GH¢1.74 million.
The report further shows that the number of employees implicated in fraud across banks and Specialised Deposit-Taking Institutions (SDIs) declined by 40 percent, dropping from 365 in 2024 to 219 in 2025.
The decline comes at a time when Ghana’s financial sector recorded a significant rise in overall fraud cases during the year, driven largely by a surge in electronic fraud within the Payment Service Provider sector.
Despite the reduction in staff-related fraud cases, the total value at risk from fraud across banks and SDIs increased to GH¢101 million, underscoring the continued financial exposure associated with fraudulent activities.
Internal Fraud Cases Record Significant Decline
The reduction in employee involvement in fraud points to improved internal controls, stronger monitoring systems, and enhanced oversight mechanisms within financial institutions.
The report indicated that fraud incidents recorded by banks declined by 34 percent, while SDIs recorded a 47 percent reduction in reported cases, suggesting that strengthened internal processes may be contributing to the decline in staff-related misconduct.
Cash Theft and Suppression Remain Key Concerns
Despite the decline in the number of implicated employees, cash-related offences remained the most prevalent form of internal fraud.
Of the 219 employees implicated in fraud in 2025, 63 percent — equivalent to 139 staff members — were involved in cash theft or cash suppression.
Although banks accounted for only 22 percent of reported cash suppression cases, the financial impact was disproportionately high. The sector recorded approximately GH¢40.7 million in value at risk from cash suppression, representing 96 percent of the total exposure across banks and SDIs.
The report attributed the significant exposure largely to a single incident involving GH¢36 million at one financial institution.
Fraud-Related Dismissals Decline
The report also showed a decline in the number of employees dismissed for fraud-related offences.
Banks and SDIs dismissed 75 staff members in 2025, representing a 52 percent decline from the 155 dismissals recorded in 2024.
Of the 219 employees implicated in fraud during the period, only 34 percent were dismissed after investigations and disciplinary proceedings.
Cash theft-related offences accounted for the majority of dismissals, with 44 cases — representing 59 percent of all dismissals — linked to such misconduct.
Strengthening Fraud Prevention Measures
The Bank of Ghana emphasized that as financial institutions continue to expand their operations and adopt digital solutions, maintaining robust internal controls and effective fraud prevention frameworks remains essential.
While the decline in staff involvement reflects progress in strengthening institutional resilience, the continued financial impact of internal cash-related fraud highlights the need for improved monitoring systems, stronger accountability measures, and proactive interventions to protect confidence in Ghana’s financial sector.
