Ghana's financial sector experienced a significant increase in reported fraud cases in 2025. Total cases rose by 48% to 24,778 from 16,733 in 2024. Most of this growth stemmed from the Payment Service Providers (PSPs) sector, as detailed in the Bank of Ghana’s 2025 Fraud Report.
The overall value at risk from fraud across all financial institutions saw a marginal increase. It rose from GHS 99 million in 2024 to GHS 101 million in 2025. This surge in fraud largely impacted the rapidly expanding PSP sector, particularly due to increased transaction volumes and lower digital literacy among users. Banks and Specialised Deposit-Taking Institutions (SDIs) actually recorded reductions in their fraud incidents.
This trend highlights a crucial shift in Ghana's financial crime landscape. As digital payment platforms grow, criminals exploit emerging vulnerabilities, moving away from traditional banking fraud. The Bank of Ghana has been promoting financial inclusion through digital services, making the control of fraud in this sector especially important to maintain public trust. For example, over the four years from 2022 to 2025, total fraud cases steadily increased from 15,164 to 24,778, with aggregate value at risk rising from GHS 82 million to GHS 101 million.
The Bank of Ghana's Financial Stability Department published the report. The report stated that fraud activity has “progressively migrated towards the PSP sector, closely correlating with rapid growth in transaction volumes and relatively lower levels of digital literacy among users.” This statement underscores the evolving challenge faced by regulators and financial institutions.
Looking ahead, the central bank’s emphasis on strengthened controls and enhanced regulatory frameworks will be key. Financial institutions, law enforcement, and the public must collaborate to address these evolving fraud risks. Market participants will closely watch how regulatory bodies respond to the increasing fraud in the PSP sector to ensure stability and consumer protection. These measures will impact consumer confidence and the overall growth of Ghana's digital economy.
In 2025, electronic fraud incidents in the PSP sector reached 24,124. This represents a 54% rise compared to the 15,673 cases recorded in 2024. The value at risk for PSPs increased by 95% year-on-year, from GHS 19 million to GHS 37 million. This stark increase contrasts with banks, where the value at risk decreased by 24% to GHS 57 million.
Despite the overall increase in fraud, staff involvement in fraudulent activities in banks and SDIs declined. The number of staff involved fell by 40%, from 365 in 2024 to 219 in 2025. Consequently, 75 staff members from these institutions were dismissed for fraud-related reasons in 2025. This marks a 52% reduction from the 155 dismissals in 2024. Cash theft and cash suppression accounted for the highest value at risk for banks, at GHS 40.7 million. Forgery and manipulation of documents led to GHS 4.2 million in losses for SDIs.
Approximately GHS 3.7 million, representing 5% of the total GHS 68.2 million fraud value at risk for banks and SDIs, was successfully recovered. This recovery effort reduced the net value at risk to GHS 64.5 million for these institutions. The Bank of Ghana reiterated its commitment to a resilient financial sector. This includes improving supervision and initiating fraud prevention efforts.