Fraud Explodes in Ghana’s Financial Sector as PSP‑Linked Cases Skyrocket

Fraud cases in Ghana’s financial sector surged sharply in 2025, driven almost entirely by a dramatic rise in incidents within the Payment Service Providers (PSP) sector, according to the Bank of Ghana’s 2025 Fraud Report.

The report, released by the Financial Stability Department, shows that total reported fraud cases across Banks, Specialised Deposit‑Taking Institutions (SDIs) and PSPs jumped from 16,733 in 2024 to 24,778 in 2025 — a staggering 48% increase. The total value at risk rose marginally from GH¢99 million to GH¢101 million.

Over the four‑year period from 2022 to 2025, fraud cases climbed steadily from 15,164 to 24,778, while the aggregate value at risk increased from GH¢82 million to GH¢101 million.

PSP Sector Drives the Surge

The report highlights a striking trend: while Banks and SDIs recorded reductions in both fraud incidents and exposure, the PSP sector experienced explosive growth in fraud cases — up 98% — and a 42% rise in value at risk.

“The 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,” the report noted.

In 2025, electronic fraud incidents in the PSP sector hit 24,124 cases, a 54% rise from the 15,673 cases recorded in 2024. The sector’s value at risk soared to GH¢37 million, nearly doubling the GH¢19 million reported the previous year.

Banks and SDIs See Mixed Trends

The total value at risk to banks fell by 24% to GH¢57 million in 2025, down from GH¢75 million in 2024. Cash suppression accounted for the highest exposure, ballooning to GH¢40.7 million — an 18‑fold increase driven largely by a single outlier case involving GH¢36 million.

SDIs, however, saw their value at risk rise significantly to GH¢8 million, up from GH¢4.5 million in 2024 — a 77% increase. Forgery and document manipulation recorded the highest exposure at GH¢4.2 million, compared to just GH¢0.01 million the previous year.

Staff Involvement and Dismissals Drop

Staff involvement in fraud at Banks and SDIs dropped from 365 individuals in 2024 to 219 in 2025 — a 40% reduction. Of the 219 implicated staff, 139 (63%) were involved in cash theft and cash suppression.

Banks and SDIs dismissed 75 staff members in 2025, down 52% from the 155 dismissed in 2024. Cash‑theft‑related cases accounted for 59% of the dismissals.

Approximately GH¢3.7 million — 5% of the total fraud value at risk — was recovered, reducing the net exposure to GH¢64.5 million.

BoG Calls for Unified Action

The Bank of Ghana stressed that tackling fraud in the financial sector requires coordinated and sustained action from financial institutions, law enforcement, regulators and the public.

“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,” the report stated.

The central bank reaffirmed its commitment to building a resilient and secure financial system through enhanced regulation, improved supervision and targeted fraud‑prevention initiatives.

— Graphic Online