Ghanaian banks and specialised deposit-taking institutions (SDIs) recovered only GHS 3.7 million of the GHS 68.2 million exposed to fraud in 2025. This represents a mere 5% recovery rate, leaving approximately GHS 64.5 million unrecovered. The Bank of Ghana (BoG) disclosed these figures in its 2025 Fraud Report.
This low recovery rate persisted even as the number of fraud incidents declined in banks and SDIs. Fraud cases in banks dropped by 34% from 716 in 2024 to 472 in 2025. SDIs also saw a 47% reduction in cases, falling from 344 to 182 over the same period. However, a few high-value fraud cases heavily influenced the total financial losses.
The issue of unrecovered fraud losses poses a continued challenge to Ghana's financial stability and integrity. It highlights the vulnerability of institutions to sophisticated attacks despite ongoing efforts in fraud prevention. The total value at risk across the financial sector rose from GHS 99 million in 2024 to GHS 101 million in 2025, driven mainly by Payment Service Providers (PSPs). This trend underscores the growing need for enhanced security measures and improved recovery mechanisms.
The Bank of Ghana stated that the low recovery rate shows retrieval of stolen funds remains a significant challenge. This is despite institutions strengthening their fraud prevention and detection systems. The BoG emphasised that addressing fraud effectively requires a unified effort from all stakeholders. This includes financial institutions, law enforcement agencies, regulatory bodies, and the public.
The central bank anticipates that fraud risks will become increasingly complex with the expansion of digital financial services. Stronger internal controls, improved supervision, and public awareness campaigns are crucial. These measures are necessary to protect the integrity of Ghana's financial system. Policymakers and market participants will be watching for new regulations or collaborative initiatives to combat financial fraud.
Cash suppression emerged as the most costly fraud type in the banking sector in 2025. This type of crime involved GHS 40.7 million in value at risk. A single outlier case involving GHS 36 million significantly boosted this figure. The total number of fraud cases across banks, SDIs, and PSPs increased from 16,733 in 2024 to 24,778 in 2025.
The Bank of Ghana reaffirmed its commitment to strengthening regulatory oversight. It also pledged to support industry-wide fraud prevention initiatives. This aims to foster a resilient and secure financial sector in Ghana. The sustained effort from all parties is essential to safeguard public trust and financial stability against evolving fraud threats.