GH₵88m banking sector fraud alarming – Finance Ministry warns

The Ministry of Finance has raised concerns over the rising tide of fraud in Ghana’s banking sector, which saw reported cases increase to GH₵88 million in 2023 a 7% rise from GH₵82 million in 2022.

Speaking at Ghana’s third mutual assessment under GIABA, Andrew Kudjo Ameckson, Acting Director of the Financial Sector Division, highlighted the growing number of fraud cases, which rose from 15,164 in 2022 to 15,865 in 2023. He stressed the devastating impact on individuals and businesses.

To combat this, the Ministry is strengthening collaborations with enforcement agencies such as the FIC and EOCO. As financial crimes grow more sophisticated, stakeholders are urged to enhance oversight, cybersecurity, and risk management to protect depositors and sustain trust in Ghana’s banking sector.