The CEO of the Ghana Association of Bankers, John Awuah, has highlighted critical challenges within the banking system particularly emphasising fraud and the need for accurate context in its reporting.

“I am not in any measure discounting the impact that fraud has on the industry and customer confidence,” he said, noting the delicate balance banks face in mitigating fraud while ensuring operational transparency.

Mr Awuah was careful to differentiate between internal banking fraud incidents and broader financial sector vulnerabilities, stressing that fraud should be contextualised.

“Of the total fraud count of 15,800, only 1,969 incidents occurred within the 23 main banks,” he shared.

He pointed out that while these numbers sound significant, they must be evaluated against the volume of daily transactions within the banking sector, which far exceeds that of smaller payment service providers.

John Awuah also highlighted the inherent vulnerabilities that come with employing local staff across various levels in the banking industry.

“Banks are recruiting Ghanaians. And the fraud incidents we’re seeing…it’s not entirely unique to banks,” he said, drawing a parallel to potential fraud risks one might encounter with everyday service providers like house helps or drivers.

His statement aimed to shed light on the broader risk landscape where oversight and trust are constantly tested.

Acknowledging the challenges banks face in maintaining technology that can support secure operations, Mr Awuah observed, “The levels of maturity within the technology… differ from Bank A to Bank C, and this disparity creates a risk gap.

"Larger multinational banks may have more rigorous protocols due to their group structures, but regional or local banks may face unique financial and technological constraints.”

John Awuah stated that while all banks invest in fraud prevention systems, there remains an urgent need for a harmonised approach.

Banks, he said, should also exercise due diligence in onboarding and vetting staff, as well as in continually upgrading their fraud prevention mechanisms to align with evolving threats.