Ghana must intensify its fight against financial crime to avoid rejoining the Financial Action Task Force (FATF) grey list. Matilda Asante Asiedu, Second Deputy Governor of the Bank of Ghana (BoG), issued this stark warning.
The warning came during the 2026 Technical Committee Workshop of the Committee for Cooperation Between Law Enforcement Agencies and the Banking Community (COCLAB). Mrs. Asante Asiedu stressed that Ghana's latest mutual evaluation outcome carries significant implications. She highlighted the critical need for institutions combating financial crime to deepen collaboration and strengthen enforcement efforts.
Returning to the FATF grey list would severely impact Ghana's economy, potentially increasing transaction costs and reducing foreign investment. The previous grey-listing from 2020 to 2022 caused reputational damage and made international financial dealings more difficult. This current warning underscores the ongoing challenges in maintaining financial integrity and global trust.
Mrs. Asante Asiedu explicitly stated, “The outcome of this assessment carries real weight.” She added that the financial cost of being grey-listed could be significant. “So we definitely don’t want to go back there to being grey-listed,” she emphasized, reflecting the central bank's strong concern.
The BoG's warning follows a significant rise in financial crime, particularly in digital transactions. Fraud incidents across the financial ecosystem increased from 16,733 in 2024 to 24,778 in 2025, marking a 48% surge. Digital fraud incidents alone soared by 98% between 2022 and 2025, indicating a critical shift in criminal activity.
This rise in digital crime demands a more strategic and proactive approach, according to Mrs. Asante Asiedu. Criminals increasingly exploit the growing use of digital financial services. The BoG's 2025 fraud report confirms this trend, even as fraud within traditional banking systems declined.
Recent collaborative efforts under COCLAB have yielded some successes. These include the arrest of 430 individuals, including three foreign nationals, in an intelligence-led operation against illegal online operators in Accra. Such coordinated actions aim to disrupt financial crime syndicates and recover illicitly transferred funds.
Improved information sharing among institutions also led to the conviction of a bank employee. This individual received a 10-year prison sentence for embezzling GHS 1.2 million. These outcomes demonstrate the effectiveness of enhanced cooperation in combating financial misconduct.
COCLAB is now undergoing restructuring to better address the evolving nature of financial crime. Dedicated working groups will focus on public sensitization, information sharing, and investigations. A steering committee comprising heads of member institutions will provide strategic direction for these efforts.
The success of this collaboration will be measured by concrete outcomes, not just meetings or reports. Key metrics include stronger intelligence sharing, successful investigations and prosecutions, asset recovery, and improved regulatory compliance. A measurable reduction in financial crime is the ultimate goal.
Strengthening these efforts is crucial for Ghana to maintain confidence in its financial system. Avoiding the potentially costly consequences of returning to the FATF grey list remains a top priority. The nation's economic stability and international reputation depend on robust anti-financial crime measures.
The BoG's proactive stance aims to safeguard Ghana's financial sector from illicit activities. This includes protecting consumers and businesses from fraud. Continued vigilance and adaptation to new criminal tactics are essential for long-term success.