Ghana's regulated financial sector recorded 24,778 fraud cases in 2025, marking a 48% increase from 16,733 cases in 2024. This surge stems largely from the rapid expansion of digital payment services, as detailed in the latest Bank of Ghana (BoG) Fraud Report.
Total reported fraud cases across banks, Specialised Deposit-Taking Institutions (SDIs), and Payment Service Providers (PSPs) contributed to this rise. Although the total value at risk increased only slightly from GHS 99 million to GHS 101 million, fraud patterns are shifting. Digital payments are now the primary target for fraudulent activities.
This trend fits into Ghana's broader push towards a cashless economy and increased financial inclusion. As more Ghanaians adopt digital payment solutions, the vulnerability to new forms of financial crime also grows. Over the past four years, reported fraud cases have consistently risen from 15,164 in 2022 to 24,778 in 2025. The value at risk also increased from GHS 82 million to GHS 101 million during this period.
Dr. Kwasi Osei-Yeboah, Director of the Financial Stability Department at the Bank of Ghana, spoke at the report's launch. He stated the publication aims to educate the public and bolster confidence in Ghana's financial system. He urged customers to remain vigilant and report suspicious transactions promptly. The Chief Executive of the Ghana Association of Banks, John Awuah, also advised safer payment practices, such as using prepaid cards for online subscriptions.
Looking ahead, financial institutions and regulators will likely increase their focus on cybersecurity and consumer protection for digital platforms. The BoG's findings indicate a need for enhanced security measures within the fast-growing digital payments ecosystem. Market participants and policymakers will closely watch for new regulations or public awareness campaigns addressing these evolving fraud risks. Fraud types like e-money fraud and fraudulent withdrawals are becoming more significant, requiring adaptive responses.
Banks showed encouraging improvements, with fraud cases declining by 34% from 716 in 2024 to 472 in 2025. The total value at risk for banks also decreased by 24% from GHS 75 million to GHS 57 million over the same period. The most common banking frauds included ATM and Point-of-Sale (POS) fraud, fraudulent withdrawals, cash suppression, and cyber fraud. Cash suppression remained the costliest, accounting for GHS 40.7 million, largely due to one significant case of GHS 36 million.
SDIs also saw a significant reduction in reported fraud cases, falling by 47% from 344 in 2024 to 182 in 2025. Despite this, the value at risk within the SDI sector rose sharply by 77%, from GHS 4.5 million in 2024 to GHS 8 million in 2025. Forgery and manipulation of documents contributed significantly to this increase, with one institution reporting GHS 4.1 million in losses.
The PSP sector experienced the highest increase in fraud activity. Electronic fraud cases rose by 54% from 15,673 in 2024 to 24,124 in 2025. The value at risk in this sector nearly doubled from GHS 19 million to GHS 37 million during the same period. This highlights the vulnerability of the rapidly expanding digital payment landscape to sophisticated fraudulent schemes.