Ghana lost more than GHS 19 million to cybercrime between January and September 2025. This represents a 17% increase over the same period in 2024. These figures highlight a growing threat to public confidence in the nation's digital financial system.
Fraudsters are using more sophisticated methods, including phishing attacks and SIM-swap fraud. This damages trust in banking and digital financial services, beyond just financial losses. The Chief Executive Officer of Stanbic Bank Ghana, Kwamina Asomaning, says public confidence is steadily eroding.
This trend poses a risk to Ghana's burgeoning digital economy. The Cyber Security Authority (CSA) reported 2,008 cyber incidents between January and September 2025. Online fraud accounted for over one-third of these reported cases, reflecting a 52% increase in incidents. The Bank of Ghana's 2024 Fraud Report also showed 16,733 reported fraud cases across financial institutions. The value at risk from these cases climbed to nearly GHS 100 million in 2024. Identity theft losses specifically saw an alarming increase.
Mr. Kwamina Asomaning of Stanbic Bank Ghana has called for stronger collaboration. He urges banks, fintech companies, telecommunication firms, regulators, and law enforcement agencies to unite against this crime. He stated, “rising digital fraud is steadily eroding public confidence in Ghana’s financial system.” He also stressed that while financial losses are a concern, the greater danger is the damage to public trust.
Authorities and financial institutions must now strengthen enforcement and invest in better security. This includes prosecuting cybercriminals swiftly to restore public confidence. Stronger verification systems and real-time fraud detection technologies are also crucial investments for financial stability. Without robust trust, the benefits of digital financial inclusion risk being undermined. The success of Ghana's Digital Public Infrastructure initiatives depends on ensuring citizens' confidence in these systems.