At least 155 staff members of banks and specialized deposit-taking institutions (SDIs) were dismissed in 2024 for their involvement in fraudulent act
At least 155 staff members of banks and specialized deposit-taking institutions (SDIs) were dismissed in 2024 for their involvement in fraudulent activities, according to the latest annual fraud report from the Bank of Ghana (BoG).
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Of these, 83 dismissals — representing 54 percent — were linked specifically to cash theft and suppression, the dominant form of internal financial misconduct.
The report, which covers banks, SDIs, and payment service providers (PSPs), paints a concerning picture of rising insider threats within the financial sector. Staff involvement in fraud jumped by 33 percent in 2024, with 365 employees implicated in various offenses, up from 274 in the previous year.
“Cash theft/suppression remains the most prevalent staff-related fraud, accounting for 75% of reported internal cases,” the report stated. It also noted that despite the scale of offenses, only 43% of staff involved were actually dismissed — a trend blamed on protracted legal procedures that discourage institutions from fully pursuing justice.
The Bank of Ghana expressed deep concern about the “consistent and steady increase in regulated financial institutions’ staff involvement in fraudulent activities,” and called for immediate improvements in internal control systems. It urged banks and SDIs to intensify recruitment background checks, reinforce professional training, and ensure diligent prosecution of offenders to deter future breaches
The BoG’s 2024 report also documented a broader increase in fraudulent activity across the financial ecosystem. A total of 16,733 fraud cases were recorded last year, up from 15,865 in 2023 — representing a five percent increase. While fraud cases in traditional banks decreased slightly, those within the SDI and PSP sectors saw noticeable rises.
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