BoG directs banks to submit strategies aimed at reducing financial fraud

The Bank of Ghana (BoG) has tightened its supervision to tackle rising fraud in the financial sector.

According to its latest Fraud Report, fraudulent cases involving staff in banks and Specialized Deposit-Taking Institutions (SDIs) surged by 46% from 188 in 2022 to 274 in 2023. The financial loss from fraud also rose by 7% to 88 million cedis.

Dr. John Dadzie from the BoG's Financial Stability Department stated that all banks are required to submit strategies to combat fraud, aiming to eliminate such activities and minimize their impact.