Financial fraud in Ghana's regulated financial sector has increased by more than 63% over the past four years, with the value of funds exposed to fraudulent activities rising to GH¢101 million, according to the Bank of Ghana (BoG).

The Central Bank's 2025 Fraud Report shows that reported fraud cases across banks, specialised deposit-taking institutions (SDIs) and payment service providers (PSPs) increased from 15,164 in 2022 to 24,778 in 2025. Over the same period, the total value at risk rose from GH¢82 million to GH¢101 million, highlighting the growing threat fraud poses to Ghana's financial system.

The Bank of Ghana said the increase has been driven largely by the rapid expansion of the payment service provider sector, where the widespread adoption of mobile money and other digital payment platforms has created new opportunities for fraudsters.

"Fraud activity has therefore progressively migrated towards the PSP sector, closely correlating with rapid growth in transaction volumes and relatively lower levels of digital literacy among users, notwithstanding the sector's significant contribution to financial inclusion."

The report noted that while fraud cases have continued to rise across the financial sector, banks and specialised deposit-taking institutions have recorded significant improvements in controlling fraud. Between 2022 and 2025, both sectors experienced reductions in fraud incidents and overall exposure, in contrast to payment service providers, which recorded a 98 percent increase in fraud cases and a 42 percent rise in the value at risk over the four years.

In 2025 alone, total fraud cases rose by 48% from 16,733 in 2024 to 24,778, while the value at risk increased from GH¢99 million to GH¢101 million. The Central Bank said the sharp rise in reported cases was driven almost entirely by developments within the PSP sector.

The regulator said the evolving fraud landscape underscores the need for financial institutions to strengthen cybersecurity, improve fraud detection systems and intensify customer education, particularly as more Ghanaians adopt digital financial services.

It stressed that tackling financial fraud will require sustained collaboration among regulators, financial institutions, law enforcement agencies and the public.

"Effectively addressing fraud within Ghana's financial sector demands a unified and sustained effort from all stakeholders (financial institutions, law enforcement agencies, regulatory bodies, and the public)."

It added that fraud risks will continue to evolve alongside digital innovation, making stronger internal controls and continuous vigilance essential to safeguarding confidence in Ghana's financial system.

"As digitalisation and innovation continue to deepen, the financial landscape becomes increasingly complex and fraud risks continue to evolve, making constant vigilance and strengthened controls necessary”, I added.