The number of staff involved in fraudulent activities in banks and Specialised deposit-taking institutions (SDIs) rose from 188 in 2022 to 274 in 2023, representing an increase of 46%.

Out of the 274 cases of fraud recorded involving staff in 2023, 211 (77%) were involved in cash theft (cash suppression), as compared to 140 (66%) staff involved in 2022, the Bank of Ghana revealed in its 2023 fraud report.

The BoG said it is concerned about this statistic and requires banks and SDIs to strengthen their internal controls and enhance staff due diligence during recruitment, as well as reinforce continuous in-house staff training on professional conduct.

In the year under review, banks reported a total count of 969 fraud cases, showing a 17% drop from the 1,163 cases in 2022.

SDIs also reported 241 fraud cases in the same year as compared to 1,835 cases in 2022, indicating a steep decrease of 87%.