In 2025, there was a significant rise in fraud cases within Ghana’s financial sector, primarily due to developments in the Payment Service Providers sector, as outlined in the 2025 Fraud Report by the Bank of Ghana.According to the report from the Financial Stability Department:
The total reported fraud cases across Banks, Specialised Deposit-Taking Institutions, and PSPs increased from 16,733 in 2024 to 24,778 in 2025, marking a 48% surge. The total value at risk saw a slight rise from GH¢99 million to GH¢101 million during the same period.
Over a four-year span from 2022 to 2025, the total number of fraud cases steadily rose from 15,164 to 24,778, while the total value at risk increased from GH¢82 million to GH¢101 million.
The report emphasized that the surge in fraud cases was mainly driven by the PSP sector, with Banks and SDIs experiencing reductions in fraud incidents and exposure. Specifically:
PSPs saw a 98% increase in the number of fraud cases and a 42% rise in value at risk, attributed to the sector’s rapid transaction volume growth and lower digital literacy among users.
In 2025, the PSP sector recorded 24,124 electronic fraud incidents, a 54% increase from 2024, with a value at risk of GH¢37 million, up significantly from GH¢19 million in 2024.
Regarding Banks and SDIs:
The total value at risk for banks decreased by 24% to GH¢57 million in 2025. Cash suppression was the primary risk, amounting to GH¢40.7 million, mainly due to an outlier case involving GH¢36 million.
SDIs reported a value at risk of approximately GH¢8 million in 2025, a 77% increase from 2024. Forgery and document manipulation accounted for the highest risk value of GH¢4.2 million in 2025.
Staff involvement in fraudulent activities showed a decrease:
The number of staff engaged in fraud in Banks and SDIs dropped from 365 in 2024 to 219 in 2025, with cash theft and suppression being the main offenses.
In 2025, 75 staff members were dismissed collectively from Banks and SDIs, down by 52% from 2024, with 59% of cases related to cash theft.
Efforts were made to recover stolen funds:
Approximately GH¢3.7 million, 5% of the total fraud value at risk, was recovered, reducing the overall risk to GH¢64.5 million.
The Bank of Ghana stressed the need for a unified approach from all stakeholders to combat fraud effectively in Ghana’s financial sector, especially with the increasing complexity brought by digitalization and innovation. The central bank reiterated its commitment to enhancing regulatory frameworks, supervision, and fraud prevention initiatives to ensure a secure financial sector.
