More staff of Banks, SDIs were implicated in fraud in 2024-BoG Report

The number of bank and SDI employees implicated in fraudulent conduct surged from 274 in 2023 to 365 in 2024, marking a 33% rise, according to the latest fraud report released by the Bank of Ghana.

Of these cases, a significant 75% were linked to cash theft or suppression—a slight decrease from the 77% recorded in the previous year. 

The report, compiled by the Bank of Ghana and covering Banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers, also revealed that 155 staff members were dismissed in 2024 for various offenses, with 54% of those terminations related specifically to cash theft fraud.

The central bank has expressed growing concern over the upward trend in internal fraud within regulated financial institutions, noting the persistent involvement of staff in such misconduct.

In response, financial institutions have been urged to tighten internal controls, conduct thorough background checks during recruitment, and intensify continuous training focused on ethics and professional standards. Additionally, banks and SDIs have been reminded to ensure criminal prosecution of offenders to reinforce accountability and deterrence.

Despite these troubling trends, the sector made some gains: collaborative fraud prevention efforts and enhanced security measures led to the recovery of GH¢3 million—approximately 4% of the total GH¢83 million at risk. This brought the net fraud exposure down to GH¢80 million for the year.