Accra:The Bank of Ghana is advocating for banks to provide their fraud units with direct and unrestricted access to chief executives, addressing growing concerns about how banks manage fraud prevention.
According to Ghana Web, Governor Dr. Johnson Pandit Asiama expressed these views during a meeting with bank heads in Accra, emphasizing the importance of positioning fraud units to directly report to managing directors or CEOs for their independence and effectiveness. The central bank has been alerted by the Ghana Association of Banks (GAB) to the varying placements of fraud units in different banks.
Dr. Asiama highlighted that fraud poses a significant risk requiring serious attention, and stressed that fraud unit staff must possess the necessary skills, certifications, and competence. This recommendation aims to rectify long-standing structural issues within the banking sector where fraud teams often report to lower-level departments, potentially delaying important investigations and exposing them to conflicts of interest.
The urgency of these recommendations is underscored by the recent rise in fraud cases. In 2024, Ghana's banking sector faced 16,733 fraud incidents, marking a 5% increase from the previous year, with a total fraud value of approximately GHS99 million. This represents a 214% increase since 2020, with insider involvement remaining a persistent challenge.
Staff involvement in fraud also saw a 33% rise in 2024, with most incidents related to cash suppression. Forgery and document manipulation constituted the largest fraud category, while ATM and card fraud surged by 89%. Cyber and email fraud were particularly damaging, with GAB reporting a 100% loss rate in the last quarter of 2025.
The Bank of Ghana's recommendations aim to ensure that fraud units can quickly escalate suspicious activities to top management, preventing interference from managers whose departments are implicated. Although Dr. Asiama did not confirm whether the Bank would issue a formal directive, he called for robust fraud risk management policies.
Additionally, the central bank plans to introduce a Credit Risk Management Directive and a Liquidity Coverage Ratio Directive, establishing a prudential benchmark for bank liquidity. As digitalization increases operational risks, the Bank is also focusing on cyber and fintech-related threats. Previously, it has urged banks to enhance recruitment screening and prosecute staff involved in fraud.