Banking and Specialised Deposit-Taking Institutions (SDIs) have lost a staggering GH¢273.13 million to fraud over the past four years, exposing persistent weaknesses in internal controls and highlighting the increasingly sophisticated tactics employed by financial criminals.
Figures contained in the Banks, SDIs and PSPs 2025 Fraud Report released by the Bank of Ghana (BoG) show that between 2022 and 2025, regulated Banks and SDIs lost GH¢273.1 million (GH¢273,131,380) through various forms of financial crime despite continuous investments in fraud prevention systems.
The annual losses reveal an alarming trend.
Fraud losses stood at GH¢56.35 million in 2022, climbed sharply to GH¢72.54 million in 2023, peaked at GH¢79.70 million in 2024, before easing to GH¢64.54 million in 2025.
Although losses declined in 2025, the BoG noted that fraud remains a significant threat across the financial sector, with criminal activities becoming more complex and continuously adapting to new technologies.
Forgery and manipulation – GH¢99.35m
Forgery and manipulation of documents emerged as the costliest fraud typology over the four-year period, accounting for GH¢99.35 million, representing more than one-third of all fraud losses suffered by Banks and SDIs.
Losses under this category reached GH¢33.07 million in 2022, dropped significantly to GH¢7.47 million in 2023, surged dramatically to GH¢53.55 million in 2024, before falling sharply to GH¢5.26 million in 2025.
The BoG report indicates that document forgery remains one of the most financially damaging forms of fraud confronting financial institutions despite improved verification systems.
GH¢66.97m stolen through cash suppression
Cash suppression—commonly referred to as cash theft—ranked as the second most costly fraud, with cumulative losses of GH¢66.97 million over the review period.
The trend fluctuated considerably. Losses stood at GH¢3.96 million in 2022, increased more than fourfold to GH¢16.70 million in 2023, declined sharply to GH¢3.87 million in 2024, before soaring to an unprecedented GH¢42.43 million in 2025.
The sharp rise in 2025 made cash suppression the dominant fraud category for the year.
Fraudulent withdrawals – GH¢25.94m
Fraudulent withdrawals ranked third, costing Banks and SDIs GH¢25.94 million over four years.
Losses almost doubled from GH¢7.09 million in 2022 to GH¢13.06 million in 2023, before falling significantly to GH¢1.82 million in 2024. They rose again to GH¢3.97 million in 2025.
Cyber fraud – GH¢16.19m
Cyber and email fraud accounted for GH¢16.19 million during the four-year period.
Losses rose from GH¢4.40 million in 2022 to GH¢10.52 million in 2023, but declined sharply thereafter to GH¢933,110 in 2024 and further to GH¢336,990 in 2025, suggesting improvements in cybersecurity controls across financial institutions.
E-money fraud – GH¢15.12m
Despite enhanced digital security measures, E-money fraud continued to pose a significant challenge, resulting in cumulative losses of GH¢15.12 million.
Losses rose from GH¢787,390 in 2022 to GH¢5.36 million in 2023, before moderating slightly to GH¢4.08 million in 2024 and increasing again to GH¢4.89 million in 2025.
Cheque fraud- GH¢11.78m
Cheque fraud, once among the leading fraud categories, accounted for GH¢11.78 million over the four years.
Losses stood at GH¢5.04 million in 2022, increased to GH¢6.16 million in 2023, before collapsing to GH¢28,050 in 2024 and GH¢550,620 in 2025, reflecting the declining use of paper-based payment instruments.
ATM and Card fraud – GH¢10.1m
ATM, card and Point-of-Sale (POS) fraud cost Banks and SDIs GH¢10.14 million during the review period.
Losses rose from only GH¢34,320 in 2022 to GH¢3.53 million in 2023 and GH¢4.14 million in 2024, before declining to GH¢2.43 million in 2025.
Impersonation – GH¢7.93m
Impersonation fraud resulted in cumulative losses of GH¢7.93 million.
Losses stood at GH¢1.34 million in 2022, fell to GH¢674,500 in 2023, surged dramatically to GH¢5.77 million in 2024, before dropping sharply to GH¢148,040 in 2025.
SIM swap fraud- GH¢4.65m
SIM swap-related fraud resulted in total losses of GH¢4.65 million.
The report shows no cases in 2022 and 2024. However, losses reached GH¢4.63 million in 2023, before dropping drastically to GH¢16,110 in 2025.
Remittance fraud- GH¢4.46m
Fraud involving remittance transactions amounted to GH¢4.46 million.
Losses increased from GH¢65,600 in 2022 to GH¢1.56 million in 2023 and GH¢2.83 million in 2024, before falling sharply to GH¢11,950 in 2025.
Burglary losses rise sharply to GH¢4.19m
Burglary accounted for GH¢4.19 million over the review period.
Losses were relatively modest in 2022 (GH¢261,710) and 2023 (GH¢269,000), increased to GH¢738,980 in 2024, before surging to GH¢2.92 million in 2025.
Other fraud categories- GH¢3.9m
Other fraud typologies collectively resulted in losses of GH¢3.90 million, comprising GH¢24,850 in 2022, GH¢1.96 million in 2023, GH¢580,070 in 2024, and GH¢1.33 million in 2025.
Lending and credit fraud – GH¢2.51m
Lending and credit fraud accounted for GH¢2.51 million during the four years, rising from GH¢275,140 in 2022 to GH¢657,000 in 2023, peaking at GH¢1.35 million in 2024, before declining to GH¢234,300 in 2025.
Year-by-year picture
GH¢56.35m stolen in 2022
The GH¢56.35 million lost in 2022 was driven mainly by forgery (GH¢33.07 million), fraudulent withdrawals (GH¢7.09 million), cheque fraud (GH¢5.04 million), cyber fraud (GH¢4.40 million) and cash suppression (GH¢3.96 million), while no SIM swap fraud was recorded.
GH¢72.54m stolen in 2023
In 2023, losses increased to GH¢72.54 million, largely due to cash suppression (GH¢16.70 million), fraudulent withdrawals (GH¢13.06 million), cyber fraud (GH¢10.52 million), forgery (GH¢7.47 million), cheque fraud (GH¢6.16 million), E-money fraud (GH¢5.36 million) and SIM swap fraud (GH¢4.63 million).
GH¢79.7m stolen in 2024
Losses reached a record GH¢79.70 million in 2024, mainly because of the spike in forgery and manipulation of documents (GH¢53.55 million). Other significant losses included impersonation (GH¢5.77 million), ATM/Card/POS fraud (GH¢4.14 million), E-money fraud (GH¢4.08 million), cash suppression (GH¢3.87 million) and remittance fraud (GH¢2.83 million).
GH¢64.54m stolen in 2025
Although total losses declined to GH¢64.54 million in 2025, cash suppression alone accounted for GH¢42.43 million, representing nearly two-thirds of all fraud losses that year. Other major categories included forgery (GH¢5.26 million), E-money fraud (GH¢4.89 million), fraudulent withdrawals (GH¢3.97 million), burglary (GH¢2.92 million) and ATM/Card/POS fraud (GH¢2.43 million).
