The Bank of Ghana (BoG) has strengthened its supervisory and monitoring systems in the financial sector to address the rising number of fraud cases. This move follows the BoG’s latest Fraud Report, which revealed a 46 percent increase in the number of bank and Specialized Deposit-Taking Institution (SDI) staff involved in fraudulent activities, rising from 188 in 2022 to 274 in 2023. Additionally, financial losses due to fraud surged by 7 percent, reaching 88 million cedis.
Dr. John Dadzie, Deputy Director of the Financial Stability Department at BoG, emphasized that banks are now required to submit detailed roadmaps to reduce fraud, demonstrating their commitment to addressing the issue across the sector.
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Dr. Dadzie highlighted the BoG’s goal of minimizing fraud to its lowest possible level, aiming to prevent both staff and the public from engaging in fraudulent activities. He stressed that even a few incidents of fraud can have a significant impact on financial institutions, regardless of their size or frequency of fraud cases.
While declining to name specific banks involved, Dr. Dadzie reiterated the BoG’s commitment to creating a zero-tolerance environment for fraud in the financial sector.
