Ghana’s digital payment service providers experienced GHS 19 million in fraud-related losses in 2024, an 18% increase from 2023. These figures highlight the growing threat of cybercrime, which is now considered a major economic challenge. Dr. Albert Antwi-Boasiako, founder and Executive Chair of e-Crime Bureau, emphasized that cybercrime should be treated as an economic threat, not solely a technological or law enforcement issue.
This surge in fraud cases stems from the rapid expansion of Ghana's digital economy. More people use mobile money, banking apps, and online marketplaces. This digital growth, while offering convenience, also creates more opportunities for cybercriminals. Online fraud, identity impersonation, and brand impersonation are draining significant value from individuals and businesses.
This local trend mirrors a severe global problem where cybercrime costs are escalating dramatically. Cybersecurity Ventures, a research firm, estimates global cybercrime costs will reach $10.5 trillion annually by 2025. This is a sharp increase from $3 trillion in 2015, with projected growth of 15% annually over five years. To put this in perspective, if cybercrime were a country, its economy would be larger than most nations, trailing only the United States and China.
Dr. Antwi-Boasiako articulated these concerns in a forthcoming documentary titled “The Trust Crisis.” He will also speak at the maiden Digital Economy Forum, which focuses on how fraud is eroding confidence in Ghana’s digital economy. The forum will convene regulators, banks, fintech companies, and telecommunications firms to address these pressing issues.
The increasing fraud cases have significant implications for Ghana's digital economic future. Reduced public trust could hinder the adoption of digital financial services, slowing economic growth. Decision-makers must focus on strengthening digital security infrastructure and enhancing public awareness. Markets will closely watch how regulators and financial institutions respond to these escalating threats.
According to the Bank of Ghana’s 2024 fraud report, banks, specialized deposit-taking institutions, and payment service providers recorded 16,733 fraud cases last year. This marked an increase from 15,865 cases in 2023. Payment service providers accounted for 15,673 of these cases, representing a 7% rise from 2023. The value at risk in this sector climbed by 18% to GHS 19 million.
Dr. Antwi-Boasiako stressed that cybercriminals are deliberate and calculated. He stated, “Fraud is a deliberate and calculated activity. Criminals make calculated decisions based on clear goals.” He added that the internet provides cover for these activities. Weak law enforcement and the promise of quick financial gain further encourage fraudulent behavior.
The Bank of Ghana report has directed financial institutions to reinforce their fraud prevention controls. Payment service providers must strengthen authentication measures, implement customer behavior monitoring technologies, and educate their customers. They also need to improve the monitoring and training of mobile money agents. However, Dr. Antwi-Boasiako noted that complex cybercrime cases are difficult to prosecute at scale, limiting the impact of enforcement alone.
As Ghana’s digital economy continues its expansion, the urgency to address these security vulnerabilities grows. Protecting consumers and businesses from cyber threats is essential for maintaining trust and fostering sustainable digital growth. Collaboration among all stakeholders is vital in combating this evolving economic challenge.