Bank Fraud Cases Surge to GH¢63 Million in 2023.
Banks in Ghana experienced a notable increase in fraud cases in 2023, with losses reaching GH¢63 million, up from GH¢52 million in 2022, marking a 21% rise. The report from the Bank of Ghana (BoG) highlights the main types of fraud by loss amount for the year. Cash theft, particularly cash suppression, caused the highest losses, totaling GH¢14.8 million—a dramatic increase from GH¢1 million the previous year. This type of fraud was most common in rural banking but also affected some universal banks significantly. Other significant fraud categories included cyber/email fraud, which led to losses of GH¢10.5 million, and fraudulent account withdrawals, which cost GH¢8.4 million. Forgery and document manipulation resulted in GH¢6.9 million in losses, though this was a substantial decrease from GH¢32 million in 2022. Cheque fraud also contributed to the sector's losses, amounting to GH¢6.1 million. The […]
