The Bank of Ghana has indicated a significant 33% rise in employee participation in fraudulent actions within the banking and specialised deposit-taking industry for the year 2024.
As stated in its most recent annual fraud report, 365 employees were involved in different forms of financial misconduct—an increase from the 274 documented in 2023.
The report, addressing banks and specialised deposit-taking institutions (SDIS), attributes a significant portion of this increase to ongoing internal failures and oversight difficulties.
The theft or concealment of cash continued to be the most common type of internal fraud, representing seventy-five per cent of the cases. Out of the entire staff involved, 274 were identified as having a direct role in hiding or illegally taking cash.
Despite the gravity of these offences, merely 43% of those implicated were terminated. The Bank of Ghana observes that prolonged and frequently intricate legal procedures deter numerous institutions from taking thorough disciplinary measures.
“The Bank of Ghana expressed concern about the consistent and steady increase in regulated financial institutions’ staff involvement in fraudulent activities,” the report stated.
It further urged banks and SDIs to “tighten recruitment screening processes and ensure the diligent prosecution of offenders.”
Beyond employee misconduct, the report highlighted a broader trend of increasing fraud within the financial services sector.
A total of 16,733 fraud cases were recorded in 2024, marking a 5% rise from the previous year. While incidents within traditional banks showed a marginal decline, cases surged within the SDI and Payment Service Provider (PSP) segments.
NKONKONSA.com
