Fraud cases across Ghana’s financial sector increased by 48 percent in 2025, with payment service providers (PSPs) accounting for the overwhelming share of the rise, according to the Bank of Ghana’s (BoG) 2025 Fraud Report.
The report, published by the BoG’s Financial Stability Department, revealed that reported fraud cases involving banks, Specialised Deposit-Taking Institutions (SDIs), and PSPs rose from 16,733 in 2024 to 24,778 in 2025. The total value at risk also increased slightly from GH¢99 million to GH¢101 million during the period.
Over the past four years, fraud incidents have risen steadily from 15,164 cases in 2022 to 24,778 in 2025, while the total value at risk increased from GH¢82 million to GH¢101 million.
PSPs Record Sharpest Increase
The report attributed the surge primarily to the rapid expansion of fraud in the PSP sector.
According to the central bank, fraud incidents within PSPs increased by 98 percent, while the value at risk rose by 42 percent. Electronic fraud cases in the sector climbed by 54 percent to 24,124 in 2025 from 15,673 in 2024.
The value at risk in the PSP sector nearly doubled to GH¢37 million from GH¢19 million in the previous year, representing a 95 percent year-on-year increase.
The BoG said the shift reflects the rapid growth in digital financial transactions and comparatively lower levels of digital literacy among some users.
“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.
Banks Record Lower Exposure
Despite the overall increase in fraud cases, banks recorded a 24 percent decline in the total value at risk, which fell to GH¢57 million in 2025 from GH¢75 million in 2024.
However, cash suppression emerged as the most costly fraud category, accounting for GH¢40.7 million in potential losses. The figure represents an 18-fold increase from GH¢2.3 million recorded in 2024, largely due to a single outlier case involving GH¢36 million.
Meanwhile, SDIs recorded approximately GH¢8 million in fraud-related exposure, up 77 percent from GH¢4.5 million in 2024.
Forgery and document manipulation accounted for the highest losses within the SDI sector, with the value at risk rising sharply to GH¢4.2 million from just GH¢10,000 a year earlier.
Staff Involvement Declines
The report also showed a reduction in staff involvement in fraudulent activities.
The number of employees implicated in fraud across banks and SDIs fell by 40 percent, from 365 in 2024 to 219 in 2025. Of those involved, 139 employees—representing 63 percent—were linked to cash theft and cash suppression.
Banks and SDIs dismissed 75 employees for fraud-related and other disciplinary offences in 2025, down 52 percent from the 155 dismissals recorded the previous year. Of the dismissals, 44 cases, or 59 percent, were related to cash theft.
The report further disclosed that financial institutions recovered approximately GH¢3.7 million, representing about 5 percent of the GH¢68.2 million total fraud value at risk in banks and SDIs, reducing the net exposure to GH¢64.5 million.
Call for Stronger Fraud Prevention
The Bank of Ghana urged financial institutions, regulators, law enforcement agencies and the public to strengthen collaboration in tackling financial crime.
The central bank noted that the continued growth of digital financial services requires stronger controls, improved public awareness and enhanced fraud prevention measures.
“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 stated.
The BoG reaffirmed its commitment to promoting a resilient and secure financial system through enhanced regulation, improved supervision and sustained fraud prevention initiatives.
Source: www.kumasimail.com
