Fraud cases in Ghana’s regulated financial sector rose sharply in 2025, driven largely by a surge in fraudulent activity within the Payment Service Providers (PSPs) sector, according to the Bank of Ghana’s (BoG) 2025 Fraud Report.
The report, published by the Central Bank’s Financial Stability Department, showed that reported fraud cases across banks, specialised deposit-taking institutions (SDIs) and PSPs increased by 48%, from 16,733 in 2024 to 24,778 in 2025. Over the same period, the total value at risk rose marginally from GH¢99 million to GH¢101 million.
Looking at the longer-term trend, the report found that reported fraud cases increased steadily from 15,164 in 2022 to 24,778 in 2025, while the aggregate value at risk rose from GH¢82 million to GH¢101 million.
PSP sector records sharpest increase
According to the report, fraud has increasingly shifted towards the PSP sector as the rapid expansion of mobile money and digital payment services creates new opportunities for fraudsters.
While banks and SDIs recorded declines in both fraud incidents and overall exposure between 2022 and 2025, PSPs experienced a 98% increase in reported fraud cases and a 42% rise in the 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 stated.
Electronic fraud cases within the PSP sector climbed to 24,124 in 2025, representing a 54% increase from the 15,673 cases recorded in 2024.
The value at risk in the sector also nearly doubled, rising from GH¢19 million in 2024 to GH¢37 million in 2025, representing a 95% year-on-year increase.
Banks record lower exposure despite isolated spike
The report indicated that banks reduced their overall fraud exposure during the year, with the total value at risk falling by 24% from GH¢75 million in 2024 to GH¢57 million in 2025.
However, cash suppression emerged as the costliest fraud category, accounting for GH¢40.7 million in value at risk, compared to GH¢2.3 million the previous year. The BoG attributed the sharp increase to a single outlier case involving GH¢36 million.
For specialised deposit-taking institutions, the total value at risk rose from approximately GH¢4.5 million in 2024 to about GH¢8 million in 2025, representing a 77% increase.
Forgery and document manipulation accounted for the largest share of losses in the sector, with the value at risk increasing sharply to GH¢4.2 million from just GH¢10,000 in 2024.
Staff implicated in fraud declines
The report also showed improvements in internal fraud management within banks and SDIs.
The number of staff implicated in fraudulent activities fell by 40%, from 365 in 2024 to 219 in 2025.
Of the employees involved, 139—representing 63%—were linked to cash theft and cash suppression.
Staff dismissals also declined significantly. Banks and SDIs dismissed 75 employees for fraud-related and other misconduct in 2025, down 52% from 155 dismissals in 2024. Of those dismissed, 44 cases, representing 59%, were connected to cash theft-related offences.
The BoG further reported that approximately GH¢3.7 million was recovered during the year, representing about 5% of the total fraud value at risk of GH¢68.2 million. This reduced the net value at risk to GH¢64.5 million.
BoG calls for stronger collaboration
The Central Bank said tackling financial fraud will require sustained collaboration among financial institutions, regulators, law enforcement agencies 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 Bank of Ghana reaffirmed its commitment to strengthening the resilience of the financial sector through enhanced regulation, improved supervision and continued investment in fraud prevention measures.
