Fraud cases in Ghana's financial sector surged significantly in 2025, driven almost entirely by developments in the Payment Service Providers sector, according to the Bank of Ghana's 2025 Fraud Report.

The report, published by the Financial Stability Department, revealed that total reported fraud cases across Banks, Specialised Deposit-Taking Institutions, and PSPs rose from 16,733 in 2024 to 24,778 in 2025, representing a 48 per cent increase. The total value at risk increased marginally from GH¢99 million to GH¢101 million over the same period.

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

PSP sector drives surge

The report highlighted that while Banks and SDIs recorded notable reductions in both the number of fraud incidents and overall exposure, PSPs experienced increases in both the number of fraud cases, up 98 per cent, and value at risk, up 42 per cent.

"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 stated.

In 2025, the number of electronic fraud incidents recorded in the PSP sector was 24,124, representing a 54 per cent rise compared to the 15,673 cases recorded in 2024. The sector recorded a value at risk of GH¢37 million, a significant increase from the GH¢19 million reported in 2024, representing a 95 per cent year-on-year rise.

Banks and SDIs

The total value at risk to banks decreased by 24 per cent to GH¢57 million in 2025, compared to GH¢75 million in 2024. Cash suppression accounted for the highest value at risk in 2025, totalling GH¢40.7 million, an 18-fold increase compared to the GH¢2.3 million recorded in 2024. The significant jump was driven by an outlier situation involving an amount of GH¢36 million.

The SDIs recorded a total value at risk of approximately GH¢8 million due to fraud in 2025, compared to approximately GH¢4.5 million in 2024, indicating a significant increase of 77 per cent. Forgery and manipulation of documents recorded the highest value at risk of GH¢4.2 million in 2025, a steep increase from the GH¢0.01 million recorded in 2024.

Staff dismissals

The number of staff involved in fraudulent activities in Banks and SDIs reduced from 365 in 2024 to 219 in 2025, representing a decrease of 40 per cent.

Out of the 219 staff involved in fraudulent activities, 139, representing 63 per cent, were involved in cash theft and cash suppression.

In 2025, Banks and SDIs collectively dismissed 75 staff members for various reasons, representing a 52 per cent reduction from the 155 dismissals recorded in 2024.

Out of the 75 dismissals in 2025, 44 cases, accounting for 59 per cent, were linked to cash theft-related fraud.

Approximately GH¢3.7 million, representing 5 per cent of the total fraud value at risk of GH¢68.2 million, was recovered, reducing the overall value at risk to GH¢64.5 million.

The Bank of Ghana emphasised that effectively addressing fraud within Ghana's financial sector demands a unified and sustained effort from all stakeholders, including financial institutions, law enforcement agencies, regulatory bodies, 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 ensuring a resilient and safe financial sector through enhanced regulatory frameworks, improved supervision, and fraud prevention initiatives.