Accra: The Bank of Ghana (BoG) has called for intensified cooperation among financial institutions, regulators, and law enforcement agencies as Ghana seeks to strengthen its defenses against financial crime and avoid a return to the Financial Action Task Force (FATF) grey list. Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, emphasized the high stakes following Ghana's latest mutual evaluation, warning that weaknesses in the country's anti-financial crime framework could have serious economic and reputational consequences.
According to Ghana Web, Asante-Asiedu, while speaking at the opening of the 2026 Technical Committee Workshop of the Committee for Cooperation Between Law Enforcement Agencies and the Banking Community (COCLAB), urged institutions to move beyond discussions and deliver measurable results in the fight against financial crime. She underscored the importance of not returning to the FATF grey list, noting the significant financial implications of such a development. Her plea comes amidst an increase in digital fraud as fraudsters migrate from traditional banking channels to digital platforms due to the expansion of electronic payments.
The Bank of Ghana's 2025 fraud report reveals a sharp rise in reported fraud cases across the financial ecosystem, escalating to 24,778 in 2025 from 16,733 in 2024-a 48 percent increase. While traditional banking fraud cases declined, digital financial services experienced a 98 percent increase in fraud incidents between 2022 and 2025, highlighting the evolving nature of financial crime and risks associated with Ghana's digital economy. Asante-Asiedu called for a coordinated and proactive response to safeguard the financial system, citing previous COCLAB interventions as proof of effective cooperation and intelligence sharing.
In 2023, an intelligence-led operation led to the arrest of 430 individuals, including three foreign nationals, during a crackdown on illegal online operators in Accra. She noted that collaboration among COCLAB member institutions has disrupted fraud networks, recovered illicit funds, and facilitated successful investigations and prosecutions. A notable case involved a bank employee convicted and sentenced to 10 years for embezzling GHS1.2 million, following enhanced information sharing.
Asante-Asiedu stressed that COCLAB's effectiveness should be measured not by meetings or reports but by its ability to generate actionable intelligence, support successful investigations, recover crime proceeds, strengthen compliance, and ultimately reduce financial crime. COCLAB is being restructured with specialized working groups focusing on public sensitization, information sharing, and investigations, while a steering committee will provide strategic direction.
She concluded that Ghana's ability to protect its financial system's integrity increasingly depends on effective collaboration among regulators, banks, and law enforcement agencies. Strengthening cooperation is vital to tackling digital fraud threats, maintaining confidence in Ghana's financial system, and ensuring the country avoids the costly consequences of returning to the FATF grey list.