Financial fraud within Ghana’s regulated financial industry has surged by more than 63 percent over the past four years, with the value of funds exposed climbing to GH¢101 million, according to the Bank of Ghana (BoG).
The Central Bank’s 2025 Fraud Report reveals that reported cases across banks, specialised deposit‑taking institutions (SDIs), and payment service providers (PSPs) rose from 15,164 in 2022 to 24,778 in 2025. Over the same period, the total value at risk increased from GH¢82 million to GH¢101 million, underscoring the growing threat fraud poses to Ghana’s financial system.
BoG attributed the rise largely to the rapid expansion of the PSP sector, where the widespread use of mobile money and other digital platforms has created new avenues for fraudsters.
“Fraud activity has therefore progressively migrated towards the PSP sector, closely correlating with rapid growth in transaction volumes and relatively lower levels of digital literacy among users, notwithstanding the sector’s significant contribution to financial inclusion.”
The report noted that while fraud cases continue to rise across the sector, banks and SDIs have achieved notable progress in controlling fraud. Between 2022 and 2025, both sectors recorded declines in incidents and overall exposure, in contrast to PSPs, which saw a 98 percent increase in cases and a 42 percent rise in value at risk.
In 2025 alone, total fraud cases jumped by 48 percent — from 16,733 in 2024 to 24,778 — while the value at risk edged up from GH¢99 million to GH¢101 million. The sharp rise, the Bank said, was driven almost entirely by developments within the PSP sector.
The regulator stressed that the evolving fraud landscape highlights the need for financial institutions to bolster cybersecurity, enhance fraud detection systems, and intensify customer education, especially as more Ghanaians embrace digital financial services.
It emphasized that tackling fraud requires sustained collaboration among regulators, financial institutions, law enforcement agencies, and the public.
“Effectively addressing fraud within Ghana’s financial sector demands a unified and sustained effort from all stakeholders (financial institutions, law enforcement agencies, regulatory bodies, and the public).”
The report further cautioned that fraud risks will continue to evolve alongside digital innovation, making stronger internal controls and constant vigilance essential to safeguarding confidence in Ghana’s financial system.
“As digitalisation and innovation continue to deepen, the financial landscape becomes increasingly complex and fraud risks continue to evolve, making constant vigilance and strengthened controls necessary,” it added.
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