The total number of fraud cases recorded across Ghana's financial sector rose sharply in 2025, with incidents nearing 25,000 and exposing the industry to more than GH¢100 million in potential losses.

The latest 2025 Fraud Report by the Bank of Ghana shows that reported fraud cases across banks, Specialised Deposit-Taking Institutions (SDIs) and Payment Service Providers (PSPs) increased by 48% to 24,778 cases in 2025 from 16,733 cases in 2024. The total value at risk also climbed from GH¢99 million to GH¢101 million over the same period.

According to the central bank, the sharp increase was driven almost entirely by fraud in the Payment Service Provider (PSP) sector, reflecting the rapid expansion of digital financial services and the growing sophistication of electronic fraud.

The report noted that while banks and SDIs recorded significant declines in the number of fraud cases, PSPs experienced a 54 percent increase in reported incidents, rising from 15,673 cases in 2024 to 24,124 cases in 2025. The value at risk in the PSP sector also nearly doubled to GH¢37 million from GH¢19 million a year earlier.

In contrast, fraud cases in the banking sector fell by 34% to 472 in 2025, while the value at risk declined by 24% to GH¢57 million.

Fraud incidents among SDIs also dropped by 47% to 182 cases, although the value at risk increased significantly by 77% to GH¢8 million.

Despite the reduction in the number of banking fraud cases, cash suppression emerged as the most financially damaging fraud typology. The value at risk from cash suppression soared to GH¢40.7 million in 2025, an 18-fold increase from GH¢2.3 million recorded in 2024. The Bank of Ghana attributed the spike to a single outlier case involving approximately GH¢36 million.

Other major fraud types by value at risk in the banking sector included e-money fraud, fraudulent withdrawals, ATM/POS fraud and burglary. Fraudulent withdrawals more than doubled to GH¢3.97 million, while e-money fraud rose by 32 percent to GH¢4.6 million.

The report also showed an improvement in staff-related fraud. The number of employees implicated in fraudulent activities across banks and SDIs declined by 40% from 365 in 2024 to 219 in 2025. However, cash theft and cash suppression continued to account for the majority of staff-related fraud cases.

The Bank of Ghana said fraud activity is increasingly shifting towards the PSP sector as digital transactions continue to grow, stressing the need for stronger fraud prevention systems, improved cybersecurity, enhanced customer awareness and closer collaboration among financial institutions, regulators and law enforcement agencies to safeguard confidence in Ghana's financial system.