BoG express worry over increasing number of bank personnel involved in fraud

The Bank of Ghana (BoG) has advised commercial banks in the country to strengthen their internal controls and enhance staff due diligence to avert fraud.

The number of staff involved in fraudulent activities in banks and Specialized Deposit-Taking Institutions (SDIs) rose from 188 in 2022 to 274 in 2023, representing an increase of 46%, the Bank of Ghana (BoG) annual Fraud Report has revealed.

According to the report, out of the 274 cases of fraud recorded involving staff in 2023, 211 (77%) were involved in cash theft (cash suppression), as compared to 140 (66%) staff involved in 2022.

Delivering the keynote address at the Ghana Association of Banks annual general meeting on Thursday (19 September), governor of BoG Ernest Addison said banks must embark on continuous in-house staff training on professional conduct

”Distinguished Ladies and Gentlemen, fraud prevention and detection remain at the heart of BOG’s efforts at maintaining financial integrity and stability of the banking system. As you would notice from the latest 2023 Fraud Report published by the Bank of Ghana this week, while banks reported a total count of 969 fraud cases which shows a 17% drop from the count of 1,163 cases in 2022, there has been an increase in the monetary loss from fraud.

”The total loss value to banks with respect to fraud cases recorded an increase of 21% in 2023 to Gh¢63 million compared to Gh¢52 million in 2022. 12. More worrying is the increase in the number of staff involved in fraud. The number of staff involved in fraudulent activities in Banks and SDIs rose from 188 in 2022 to 274 in 2023, representing an increase of 46%.”

”It further emerged that out of the 274 cases of fraud recorded involving staff in 2023, 211 (77%) were involved in cash theft (cash suppression), as compared to 140 (66%) staff involved in 2022. This means that while banks and SDIs are putting in place measures to detect and prevent fraud from outsiders, their own staff are increasingly perpetuating fraud,” Addison said.

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