Bank of Ghana report: 75 Employees Dismissed Amid Massive 48% Surge in Fraud Cases
- Bank of Ghana's 2025 Fraud Report recorded a 48% surge in financial fraud, with total cases rising from 16,733 in 2024 to 24,778 in 2025
- The Payment Service Provider sector bore the brunt of the crisis, recording a 98% explosion in fraud incidents as criminal activity shifted to digital platforms
- 75 banking sector workers were dismissed over the period, mostly linked to cash theft, as internal staff implicated in fraud dropped by 40%
The Bank of Ghana (BoG) has dismissed 75 workers across the banking sector after its 2025 Fraud Report uncovered a 48 per cent rise in financial fraud cases, raising fresh concerns about the integrity of Ghana's financial system.
The report, released by the central bank, showed that the total number of fraud incidents across banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) climbed from 16,733 in 2024 to 24,778 in 2025.
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According to a report sighted on Graphic Online, the combined value at risk across those sectors rose from GH¢99 million to GH¢101 million over the same period.
Digital platforms drive PSP fraud surge
The most alarming growth occurred within the PSP sector, which recorded a 98 per cent increase in fraud incidents.
The Bank of Ghana attributed this to a combination of rapid expansion in transaction volumes and limited digital literacy among users, noting that criminal activity has been moving steadily away from traditional banking channels.
"The 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," the report stated.
In contrast, conventional banks and SDIs registered measurable reductions in their overall fraud exposure during the same period, suggesting that longer-established institutions have been more effective in tightening their controls.
Bank staff dismissals tied to cash theft
While the volume of fraud rose sharply, the number of internal employees found to be complicit fell by 40 per cent, dropping to 219 individuals.
Of those implicated, 75 were dismissed, with most of the dismissals connected to cash theft.
The Bank of Ghana used the report to urge all institutions operating within Ghana's financial sector to treat fraud prevention as an ongoing priority rather than a periodic exercise.
"As digitalisation and innovation continue to deepen, the financial landscape becomes increasingly complex and fraud risks continue to evolve, making constant vigilance and strengthened controls necessary," the report concluded.
The findings arrive at a time when mobile money usage and digital financial services are expanding rapidly across Ghana, bringing with them a broader and more varied pool of users, many of whom may lack the awareness needed to protect themselves against increasingly sophisticated fraud schemes.
The Bank of Ghana has signalled that institutions must adapt their risk management frameworks to keep pace with the evolving methods being deployed by fraudsters, particularly within the digital payments space.
BoG denies sale of $260m headquarters
Meanwhile, YEN.com.gh reported that the BoG had strongly denied reports suggesting it is considering selling its new $260 million headquarters, describing the claims as false and misleading.
The central bank warned that such unverified reports could undermine public confidence and create unnecessary uncertainty in the financial system.
It reaffirmed that the Bank Square remains a critical operational asset and urged the media to verify information before publication.
Source: YEN.com.gh
