The Bank of Ghana says fraud incidents in the digital space increased by 98% between 2022 and 2025, as financial criminals increasingly exploit the rapid growth in digital transactions.

According to Central Bank, the sharp increase reflects a changing financial crime landscape, with fraudsters increasingly targeting digital platforms as more Ghanaians rely on electronic channels to make payments and transfer funds.

The Second Deputy Governor of the Bank of Ghana, Matilda Asante Asiedu, says the development requires a significant shift in the way financial crime is tackled.

“It is not just a shift in the statistics or the data, but it's also a shift in the financial crime landscape itself. And that means that as entities that are responsible for combating that, we also have to have a shift in our strategy and in our mindset,” she said.

She was speaking at the opening of the 2026 Technical Committee Workshop of the Committee for Cooperation Between Law Enforcement Agencies and the Banking Community (OCLAB).

According to the Bank of Ghana, overall fraud incidents across the financial ecosystem increased from 16,733 in 2024 to 24,778 in 2025, representing a 48% increase.

While fraud incidents within the traditional banking system declined, the Bank says fraud across the wider financial ecosystem increased, driven overwhelmingly by digital transactions.

Mrs. Asante Asiedu said the increasing interconnectedness of the financial sector means a fraud incident involving one institution can have consequences for the wider ecosystem.

“This is not just a challenge for a PSP…because think about it, a PSP's account sits with a bank. And so if that fraud incident happens, it transcends one institution, and it affects the entire financial ecosystem,” she said.

She added that mobile money, fintech and other digital transactions are increasingly interconnected, making collaboration among institutions critical.

“So, whether it's a mobile money transaction or it's a fintech transaction on a fintech platform, it's all interwoven and intertwined,” she said.

The Second Deputy Governor also highlighted the results of previous collaboration among law enforcement agencies and financial institutions.

She cited an intelligence-led operation against illegal online operators in parts of Accra in 2023, which resulted in the arrest of 430 people, including three foreign nationals.

She said the coordinated efforts have also helped authorities disrupt fraud syndicates, recover illicitly transferred funds and secure investigations and prosecutions.

The collaboration also contributed to the conviction of a bank employee who was sentenced to 10 years for embezzling GH¢1.2 million.

Growing Sophistication of Financial Criminals                         

Mrs Asante Asiedu said the growing sophistication of financial criminals makes it necessary for authorities to remain proactive.

“Fraudsters are sometimes six times ahead of us. They're always thinking of new ways,” she said.

She said COCLAB is therefore being restructured around dedicated working groups focusing on public sensitisation as well as information sharing and investigation.

The new structure will also include a steering committee made up of heads of member institutions to provide strategic direction.

Mrs Asante Asiedu said the success of COCLAB should not be measured simply by the number of meetings held or reports produced.

“It should be measured by the outcomes of stronger intelligence sharing, successful investigations that lead to successful prosecutions, asset recovery, improved regulatory compliance, greater customer awareness, and a measurable reduction in financial crimes,” she said.

She added that the ultimate objective should be to create a strong deterrent against financial criminals.

“We should be so efficient that when the fraudster begins to think through their next move, they'll also think, ‘gosh, what if these people arrest me?’ So that is a deterrent to them,” she said.