Ghana’s banking sector is facing renewed scrutiny following revelations by the Bank of Ghana (BoG) that the industry lost nearly GH¢100 million to fraud in 2024.
The findings were disclosed by the Second Deputy Governor of the Bank of Ghana, Mrs. Matilda Asante-Asiedu, during the Consumer Reporting Officers and Stakeholders Engagement Programme in Accra.
Speaking under the theme “Excellence in Service, Innovation in Delivery, and Security in Practice,” Mrs. Asante-Asiedu noted that while technological advancement has significantly improved access to banking services, it has also opened the door to new forms of financial crime. According to her, total fraud cases recorded in 2024 reached 16,733, representing a 5 percent increase over the previous year.
“This is very concerning and calls on all of us, not just compliance officers, to be more intentional about ethics, discipline, and oversight. We must ensure that technology is not a tool for vulnerability but for trust.”
rs. Matilda Asante-Asiedu
One of the most alarming revelations in the report was that 33 percent of the fraud cases involved bank employees. This revelation has raised serious questions about internal controls, ethical standards, and the culture of accountability within financial institutions.
Mrs. Asante-Asiedu cautioned that the growing involvement of bank staff in fraudulent activities undermines public confidence in the financial system. “When insiders become part of the problem, it weakens the very foundation of trust that banking depends on,” she stressed.
She urged banks to strengthen internal monitoring and adopt a culture of ethical responsibility across all departments. “This is not just the work of compliance officers or the risk department. Every staff member must become a custodian of ethics,” she said.
The Cost of Weak Internal Controls
According to the Bank of Ghana’s Fraud Report, many of the incidents could have been prevented through improved internal collaboration and vigilance. Weak oversight, poor communication between departments, and a lack of accountability were identified as major enablers of fraudulent activity.
Mrs. Asante-Asiedu highlighted that effective collaboration within financial institutions can significantly reduce the recurrence of such cases. “Sometimes, you may not have the answer, but someone in another department might. Internal collaboration is key to delivering the level of service our customers deserve,” she emphasized.
She added that strengthening operational systems, promoting transparent communication, and providing staff training on ethical standards are critical steps toward rebuilding public trust.
Meanwhile, digital banking continues to reshape Ghana’s financial landscape, bringing convenience and accessibility to millions of customers. However, the Bank of Ghana warns that the same technology driving innovation is also fueling financial crime.
Mrs. Asante-Asiedu noted that cyberattacks, phishing scams, and digital impersonation are increasingly targeting both banks and customers. She urged banks to integrate cybersecurity into every aspect of their operations.
“Cybersecurity must be embedded in the DNA of every bank, not only in infrastructure but in every transaction and system update. No level of innovation or customer service quality can compensate for weak security systems.”
Mrs. Asante-Asiedu
The Deputy Governor encouraged financial institutions to take advantage of the Bank of Ghana’s regulatory sandbox, a safe testing environment that allows banks and fintech companies to pilot new products and services before public rollout. This initiative, she explained, will help identify vulnerabilities early and prevent large-scale exploitation.
Customer Complaints on the Rise
Alongside rising fraud cases, customer dissatisfaction appears to be growing. The number of complaints lodged with the Bank of Ghana increased from 695 in 2023 to 743 in 2024, marking a 7 percent rise.
Mrs. Asante-Asiedu expressed concern that many of these issues could have been resolved internally by the banks if greater care and collaboration had been applied. She reminded financial institutions that excellent customer service is not only about speed but also fairness and empathy.
“Consumers expect excellence; that’s the minimum. They want to walk into a banking hall and transact without hindrances. But beyond that, they desire fairness, speed, and professionalism in how we handle their complaints.”
Mrs. Asante-Asiedu
She added that even when banks cannot provide instant solutions, the manner in which they respond to customers’ concerns can either strengthen or erode trust.
As fraud and customer complaints increase, the Bank of Ghana is urging a renewed focus on ethics and shared responsibility across all levels of the banking sector. Mrs. Asante-Asiedu emphasized that service excellence, innovation, and security can only thrive when backed by strong moral values and teamwork.
“It is not just about technology or compliance; it is about people doing the right thing even when no one is watching,” she noted. “Ethics and integrity must guide every decision, every interaction, and every transaction.”
The Deputy Governor reaffirmed the central bank’s commitment to maintaining a safe and trusted financial environment. She called on all stakeholders to strengthen oversight, embrace collaboration, and promote ethical conduct to ensure Ghana’s banking sector remains robust and resilient.
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