The Bank of Ghana (BoG) has clarified that not every employee implicated in fraud within the banking sector is involved in stealing money, explaining that fraud-related offences cover a wide range of misconduct beyond cash theft. The Central Bank said many cases involve breaches of internal controls, unauthorised transactions, document manipulation, negligence and other violations that may not necessarily result in the direct misappropriation of funds.
The clarification follows the release of the Bank of Ghana’s 2025 Fraud Report, which showed a significant decline in staff involvement in fraudulent activities across banks and Specialised Deposit-Taking Institutions (SDIs). According to the report, 219 employees were implicated in fraud in 2025, down from 365 in 2024, representing a 40 per cent decrease.
Despite the reduction in cases, the Bank stressed that being implicated in fraud does not automatically mean an employee has stolen money. It explained that investigations often uncover varying degrees of misconduct, with some staff found to have violated operational procedures or failed to comply with established controls rather than committing outright theft.
The report, however, identified cash theft and cash suppression as the most common forms of insider fraud within the banking industry. Of the 219 staff members implicated, 139 were linked to cash theft or cash suppression, accounting for 63 per cent of all reported employee-related fraud cases.
The Bank also revealed that 75 employees, representing about 34 per cent of those implicated, were dismissed by their respective institutions during the year. Of those dismissed, 44 were sanctioned specifically for offences related to cash theft and cash suppression.
According to the Central Bank, although banks recorded only a small proportion of cash suppression incidents compared with other regulated institutions, they accounted for the overwhelming majority of the value at risk. The report estimated that banks represented 96 per cent of the total amount exposed through cash suppression, with losses amounting to about GH¢40.7 million.
The Bank of Ghana noted that the figures demonstrate the continuing threat posed by insider fraud, despite the decline in the number of employees implicated. It called on banks and specialised deposit-taking institutions to strengthen internal controls, improve staff supervision, enhance recruitment and due diligence processes, and reinforce ethical standards to reduce opportunities for financial misconduct.
The Central Bank further stressed that tackling fraud requires collaboration among financial institutions, regulators, law enforcement agencies and the public. It added that as Ghana’s financial sector becomes increasingly digital, institutions must remain vigilant and continuously strengthen governance and risk management systems to safeguard public confidence and protect the integrity of the country’s financial system.
