Johnson Asiama, BoG Governor
Fraud cases reported by banks in the country decreased by 34 percent in 2025 to 472, down from 716 recorded in 2024, despite a sharp rise in fraud cases across the financial sector.
The report, published by the Financial Stability Department of the Bank of Ghana (BoG) on Banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) for 2025, stated that total reported fraud cases across banks, SDIs and PSPs increased from 16,733 in 2024 to 24,778 in 2025.
“There were 472 fraud cases reported in 2025, compared to the 716 fraud cases reported in 2024. This represents a 34% decrease,” the report stated.
The report, however, attributed the overall increase in fraud cases in the entire financial sector almost mainly to developments in the Payment Service Providers (PSP) sector, although the total value at risk rose only marginally from GH¢99 million to GH¢101 million.
It noted that, over the four-year period from 2022 to 2025, fraud cases increased steadily from 15,164 to 24,778, while the total value at risk rose from GH¢82 million to GH¢101 million.
The report pointed out that, during the same period, banks and Specialised Deposit-Taking Institutions (SDIs) recorded notable reductions in both the number of fraud incidents and overall exposure, whereas PSPs experienced a 98 percent increase in fraud cases and a 42 percent rise in the value at risk.
According to the report, fraud activity has progressively shifted towards the PSP sector as a result of the rapid growth in digital financial transactions and relatively lower levels of digital literacy among users, despite the sector’s significant contribution to financial inclusion.
“ATM/POS fraud recorded a value at risk of GH¢2.43 million in 2025. This represents a 41% decline from the GH¢4.14 million value recorded in 2024. Burglary completed the top five fraud categories, recording a value at risk of GH¢1.74 million. Specialised Deposit-Taking Institutions (SDIs) reported 182 fraud cases in 2025, compared with 344 cases in 2024, indicating a decrease of 47%,” the report.
“Cash suppression accounted for the highest value at risk in 2025, totalling GH¢40.7 million, representing an 18-fold increase compared with the GH¢2.3 million recorded in 2024. The significant jump in the value at risk for this fraud category was driven by an outlier case involving GH¢36 million,” parts of the report stated.
The central bank said e-money fraud recorded a value at risk of GH¢4.6 million in 2025, representing a 32 per cent increase from GH¢3.5 million in 2024. Fraudulent withdrawals also rose significantly, with the value at risk increasing by 118 per cent from GH¢1.82 million to GH¢3.97 million.
In the Specialised Deposit-Taking Institutions (SDIs) sector, reported fraud cases declined by 47 per cent to 182 in 2025, compared with 344 cases in 2024. Cash suppression, credit fraud, forgery and manipulation of documents were identified as the most prevalent fraud types.
Speaking at a media sensitisation programme on the report, the Director of the Financial Stability Department at the BoG, Dr. Kwasi Osei Yeboah, urged the media to continue supporting public education on fraud issues, describing the annual publication as an important tool for informing Ghanaians and strengthening public confidence in the financial system.
He said the report was intended not only to highlight fraud risks but also to educate the public on the need to protect themselves and their finances, adding that an informed public was less likely to fall victim to fraud and more likely to use financial services safely.
Dr. Yeboah said the Bank of Ghana was encouraged by the financial industry’s growing response to fraud risks, with institutions strengthening internal controls, investing in fraud prevention systems and improving monitoring mechanisms.
He further noted that newly introduced financial products often present risks because customers require time to understand how to use them securely. This, he said, could make users more vulnerable to fraud, especially during periods of economic hardship.
By Ebenezer K. Amponsah