Ghana recorded 16,733 digital fraud cases in 2024, an increase from 15,865 cases in 2023. The total value at risk from these incidents rose by 13% to approximately GHS 99 million, up from GHS 88 million in 2023.
This surge in fraud highlights vulnerabilities within Ghana's rapidly expanding digital economy. Professor Godfred Bokpin, an economist and Professor of Finance at the University of Ghana Business School, attributed the increase to greater reliance on mobile money, banking applications, and other digital payment platforms. He stated that arrests and prosecutions alone cannot solve the problem.
This trend fits into Ghana's broader economic narrative of increasing digitalization across financial services. The Bank of Ghana’s 2024 Payment Systems Oversight Annual Report confirms that payment service providers processed about 8.1 billion transactions worth approximately GHS 3 trillion in 2024. This growth presents both opportunities for economic development and expanded targets for fraudsters. The report indicates a significant shift from physical crime to online fraud as digital transactions become more prevalent.
Professor Bokpin, speaking in an upcoming documentary titled “The Trust Crisis,” emphasized the need for a two-pronged approach. “The law alone does not solve that problem. You also need higher public education. Higher financial literacy also helps,” he said. He added that people need to understand how to use digital platforms safely and protect their personal information, such as passwords. The documentary precedes the inaugural Digital Economy Forum, organized by Hubtel, which will explore the challenges facing Ghana's digital economy.
The increase in fraud cases has significant implications for both consumers and financial institutions. Payment service providers bore the brunt of these incidents, recording 15,673 fraud cases in 2024. This figure represents 94% of all reported cases, with the value at risk in this sector rising by 18% to GHS 19 million. This suggests that without better user education, the continued expansion of digital finance will leave more Ghanaians vulnerable to fraud.
The Bank of Ghana's 2024 fraud report directed payment service providers to strengthen authentication processes. It also suggested implementing customer-behavior monitoring technologies and improving the training of mobile money agents. Banks and specialized deposit-taking institutions were urged to collaborate with law enforcement to ensure prosecution of fraudsters. However, Professor Bokpin maintains that proactive prevention through financial literacy is as crucial as reactive enforcement. He argues that users must understand basic risk management within digital ecosystems. This includes knowing how digital platforms operate, recognizing fraudulent schemes, and safeguarding sensitive account credentials. Failure to combine enforcement with education could undermine confidence in Ghana's digital economy.