Bank Fraud Cases Rise by 7% to GH₵88m - Finance Ministry Warns of Negative Impact on Ghana's Economy
Accra, Ghana - 19 March, 2025 - Ghana's banking sector is facing a growing threat from fraud, with reported cases reaching GH₵88 million in 2023, a 7% increase from the previous year.
According to Andrew Kudjo Ameckson, Acting Director of the Financial Sector Division at the Ministry of Finance, the number of reported fraud cases rose to 15,865 in 2023, up from 15,164 in 2022.
Ameckson emphasized the urgent need for intervention, stating that the 7% increase is significant, and even a single loss of a million cedis could mean financial ruin for an individual or business.
To combat the rising tide of fraud, the Finance Ministry has pledged to strengthen its collaboration with key enforcement agencies, including the Financial Intelligence Centre (FIC) and the Economic and Organised Crime Office (EOCO).
According to him, the Ministry will provide necessary support to these institutions to intensify their crackdown on fraudulent activities.
In an interview with Citi Business News, Ameckson stated “In 2023, there were 15,865 reported fraud cases in the banking sector, up from 15,164 in 2022. The amount involved has grown from GH₵82 million to GH₵88 million, underscoring a worrying trend.''
“A 7% rise is not insignificant. This is someone’s deposit, someone’s capital wiped out by fraudsters. Even a single loss of a million cedis could mean financial ruin for an individual or business,'' he added.
The surge in banking fraud poses a significant threat to investor confidence and financial stability in Ghana. To protect depositors and maintain trust in the banking sector, stakeholders are being urged to:
- Enhance Regulatory Oversight: Strengthen regulatory frameworks to prevent and detect fraudulent activities.
- Bolster Cybersecurity Measures: Implement robust cybersecurity measures to protect against increasingly sophisticated financial crimes.
- Strengthen Risk Management Frameworks: Develop and implement effective risk management frameworks to mitigate the risk of fraud.
Source: Lead News Online
