Ghana’s financial sector witnessed a sharp escalation in fraudulent activities in 2025, with the total value at risk climbing to GH¢101 million from GH¢99 million in 2024, even as the number of employees implicated in fraud fell significantly by 40 percent.
The latest fraud report shows that staff involvement declined from 365 officers in 2024 to 219 in 2025, reflecting stronger internal controls within regulated institutions.
However, the reduction in insider fraud was overshadowed by an unprecedented surge in electronic fraud, particularly within the Payment Service Provider (PSP) sector, where mobile money and other digital payment platforms have become the primary targets of fraudsters.
Overall, reported fraud cases jumped by 48% from 16,733 in 2024 to 24,778 in 2025, while the total amount exposed to fraud increased to GH¢101 million, underlining the growing sophistication and scale of financial crime as Ghana’s digital economy expands.
The report, which covers Banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs), indicates that fraud has steadily worsened over the past four years.
Between 2022 and 2025, reported fraud cases increased from 15,164 to 24,778, while the aggregate value at risk climbed from GH¢82 million to GH¢101 million.
Although banks and SDIs recorded notable improvements through declining fraud incidents, the report found that fraud has increasingly migrated to the PSP sector, largely driven by the rapid growth of digital transactions and relatively lower levels of digital literacy among users.
Digital payments become fraudsters’ new frontier
The report highlights a significant shift in Ghana’s fraud landscape.
While traditional banking institutions succeeded in reducing both fraud cases and financial exposure, PSPs experienced explosive growth in fraud.
Over the four-year period, fraud cases within PSPs increased by 98 percent, while the value at risk rose by 42 percent, making the sector the fastest-growing fraud hotspot.
According to the report, the migration reflects the expansion of mobile money, digital wallets and electronic payments, which have transformed financial inclusion but simultaneously created new opportunities for cybercriminals.
Banks reduce fraud incidents but face costly insider schemes
Banks recorded a significant improvement in operational fraud during 2025.
Reported fraud cases fell from 716 in 2024 to 472 in 2025, representing a 34 percent decline.
The total value at risk also reduced by 24 percent, falling from GH¢75 million to GH¢57 million.
Despite this improvement, one major fraud typology dominated the year’s losses.
GH¢40.7m cash suppression shocks banking sector
Cash suppression emerged as the most expensive fraud category, accounting for GH¢40.7 million of the banks’ total exposure.
The figure represents an extraordinary 18-fold increase from the GH¢2.3 million recorded in 2024.
According to the report, the dramatic rise was largely driven by a single outlier case involving approximately GH¢36 million, highlighting the enormous financial damage that individual insider schemes can inflict.
GH¢4.6m electronic money fraud
Electronic money fraud continued to rise, increasing from GH¢3.5 million in 2024 to GH¢4.6 million in 2025, representing a 32 percent increase.
GH¢3.97m fraudulent withdrawals
Fraudulent withdrawals more than doubled, increasing by 118% from GH¢1.82 million to GH¢3.97 million.
GH¢2.43m ATM and POS fraud
By contrast, ATM and Point-of-Sale (POS) fraud declined significantly.
The value at risk from ATM/POS fraud fell by 41 percent, dropping from GH¢4.14 million in 2024 to GH¢2.43 million in 2025.
GH¢1.74m lost to burglary
Burglary completed the top five fraud categories, accounting for GH¢1.74 million.
SDIs record fewer cases but larger financial losses
Specialised Deposit-Taking Institutions also reported improvements in fraud frequency.
Fraud cases declined from 344 in 2024 to 182 in 2025, representing a 47% reduction.
Cash suppression remained the dominant fraud typology.
Cases fell sharply from 267 to 109, representing a 59% decrease.
Rural and Community Banks (RCBs) accounted for 56 cases, representing 51 percent of all cash suppression incidents within the SDI sector.
However, despite fewer incidents, the financial impact worsened considerably.
GH¢8m SDIs fraud
Total value at risk rose from approximately GH¢4.5 million in 2024 to GH¢8 million in 2025, representing a 77% increase.
Forgery emerges as biggest financial threat
Forgery and document manipulation recorded the highest financial losses within the SDI sector.
GH¢4.2m forgery hits SDIs
The value at risk surged dramatically from only GH¢10,000 in 2024 to GH¢4.2 million in 2025.
One institution alone accounted for GH¢4.1 million of that exposure.
Cash suppression losses also increased despite fewer incidents.
GH¢1.7m SDIs cash suppression
The value at risk rose from GH¢1.6 million in 2024 to GH¢1.7 million in 2025, representing a 12 percent increase.
RCBs accounted for 90% of all cash suppression losses recorded within the SDI sector.
GH¢1.18m SDIs burglary losses
Burglary losses also climbed, increasing from GH¢730,000 in 2024 to GH¢1.18 million in 2025.
Insider fraud declines sharply
One of the report’s encouraging findings was the continued reduction in staff involvement in fraudulent activities.
219 Insider fraud cases
The number of employees implicated across Banks and SDIs declined from 365 in 2024 to 219 in 2025, representing a 40% reduction.
Cash theft and cash suppression remained the dominant insider offences.
219 staff implicated in fraud
Of the 219 staff implicated in fraud during 2025, 139 officers (63%) were involved in cash theft or cash suppression, compared to 274 officers (75%) in 2024.
Interestingly, although only 22% of cash suppression cases occurred within banks, banks accounted for approximately GH¢40.7 million, representing 96% of the total value at risk from cash suppression across Banks and SDIs.
Banks and SDIs dismiss 75 employees
Banks and SDIs dismissed 75 employees for fraud-related offences during 2025.
This represents a 52% reduction compared to the 155 dismissals recorded in 2024.
However, the report notes that only 34% of staff implicated in fraud were dismissed.
Of the 75 dismissals, 44 cases (59 percent) involved cash theft-related offences.
24,124 PSPs fraud cases
The Payment Service Provider sector recorded by far the highest number of fraud incidents.
Electronic fraud cases surged from 15,673 in 2024 to 24,124 in 2025, representing a 54 percent increase.
Financial exposure also almost doubled.
The value at risk increased from GH¢19 million in 2024 to GH¢37 million in 2025, representing a 95 percent year-on-year increase.
The report attributes much of this increase to the rapid expansion of digital financial services, rising transaction volumes and evolving cyber-enabled fraud techniques.
Recovery rate remains low
Despite increased fraud detection, recovery rates remained relatively weak.
Across Banks and SDIs, only GH¢3.7 million was recovered during 2025.
This represents approximately 5% of the GH¢68.2 million total value at risk within those two sectors.
Consequently, the unrecovered value at risk stood at approximately GH¢64.5 million.
BoG calls for stronger collaboration
The report concludes that tackling financial fraud will require sustained collaboration among financial institutions, regulators, law enforcement agencies and the public.
It notes that as digitalisation accelerates, fraud risks will continue to evolve, requiring stronger internal controls, enhanced supervision, improved regulatory frameworks and continuous public education.
The Bank of Ghana reaffirmed its commitment to strengthening regulatory oversight and fraud prevention measures aimed at safeguarding Ghana’s increasingly digital financial system, stressing that sustained collective action will be essential to reducing fraud and maintaining confidence in the country’s financial sector.
