- Banking fraud rose by 7% in 2023, totaling GH₵88 million
- The Ministry of Finance calls for urgent intervention to address fraud
- The Ministry will work with FIC and EOCO to combat fraud
The Ministry of Finance has stated that the growing issue of fraud is having a negative impact on the banking sector.
Fraud cases in the banking industry totaled GH₵88 million in 2023, reflecting a concerning 7% increase from GH₵82 million in 2022. During Ghana’s third mutual assessment under the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), Andrew Kudjo Ameckson, Acting Director of the Financial Sector Division at the Ministry of Finance, emphasized the urgent need for action.
“In 2023, 15,865 fraud cases were reported in the banking sector, up from 15,164 in 2022. The amount involved increased from GH₵82 million to GH₵88 million, highlighting a troubling trend,” Ameckson told Citi Business News.
“A 7% increase is significant. This represents the loss of someone’s deposit or business capital to fraudsters. Even a loss of a million cedis could cause financial ruin for an individual or business,” he added.
The Ministry of Finance has pledged to enhance its collaboration with key enforcement agencies such as the Financial Intelligence Centre (FIC) and the Economic and Organised Crime Office (EOCO) to combat the problem. While the Ministry will focus on policy development and execution, Ameckson assured that it would offer full support to these agencies to intensify their efforts in tackling fraud.
The rise in banking fraud presents a serious threat to investor confidence and financial stability in Ghana.
As financial crimes become more advanced, stakeholders are being urged to strengthen regulatory oversight, improve cybersecurity, and enhance risk management frameworks to protect depositors and maintain trust in the banking system.
