Ghana's digital economy is grappling with a significant increase in fraud, with GHS 99 million at risk in 2024. This figure comes from 16,733 reported fraud cases across banks, specialized deposit-taking institutions, and payment service providers. The Bank of Ghana's 2024 Fraud Report highlights the growing challenge to consumer confidence and business growth.
In response, JoyNews is hosting its inaugural Digital Economy Forum tonight, July 22, 2026. The forum, themed “The Trust Crisis: Why Fraud Is Holding Back Ghana’s Digital Economy,” aims to foster evidence-based discussions. It seeks to develop strategies for strengthening trust within the nation's rapidly expanding digital ecosystem.
This initiative is crucial given Ghana's accelerated adoption of digital financial services. Data from the Bank of Ghana shows payment service providers processed approximately 8.1 billion transactions in 2024. These transactions were valued at a substantial GHS 3 trillion, underscoring the digital economy's vital role. The forum will address how to maintain this growth while mitigating fraud risks.
The forum, conceived by Hubtel, will gather key stakeholders. Speakers include Elhanan Owureku Asare, Head of Fintech and Innovation at the Bank of Ghana. Economist Professor Godfred Bokpin and John Awuah, CEO of the Ghana Association of Banks, will also participate. Dr. Albert Antwi-Boasiako, Executive Chairman of the e-Crime Bureau, will contribute his expertise. These experts will discuss digital payments, cybersecurity, consumer protection, and payment risks.
The expansion of digital payments, while beneficial, has increased exposure to fraudulent activities. The forum will explore practical measures to improve fraud detection and strengthen collaboration among stakeholders. It will also focus on enhancing dispute resolution mechanisms and protecting consumers. This is essential as Ghana continues its digital transformation journey.
The discussions will cover the role of institutions in building a safer digital economy. This includes examining policies and ideas that shape Ghana’s economic future. The goal is to ensure that the benefits of digital innovation are not undermined by rising fraud. The forum represents a critical step towards a more secure and trustworthy digital financial landscape in Ghana.
The event comes at a time when digital fraud is increasingly recognized as an economic threat, not just a criminal issue. Professor Bokpin has previously noted that Ghana cannot abandon digital payments despite the rising fraud. This highlights the need for robust solutions to protect the integrity of the digital economy. The forum's outcomes will be closely watched by decision-makers and markets.