Staff involvement in fraud within Ghana’s banking and specialised deposit-taking institution (SDI) sectors declined by 40 per cent in 2025, the Bank of Ghana (BoG) has reported.

The number of employees involved in fraudulent activities reduced from 365 in 2024 to 219 in 2025, although insider fraud remained a concern for financial institutions.

BoG’s 2025 Fraud Report, released on Wednesday, said 139 of the 219 staff-related fraud cases recorded during the year were linked to cash theft and cash suppression, representing 63 per cent of all staff involvement cases.

In 2024, cash-related fraud accounted for 274 of the 365 reported cases, representing 75 per cent.

The central bank said cash suppression continued to be one of the major fraud risks facing the financial sector, despite efforts by regulators and financial institutions to strengthen internal controls and monitoring systems.

The report also indicated that total reported fraud cases across banks, specialised deposit-taking institutions (SDIs) and payment service providers (PSPs) increased from 16,733 in 2024 to 24,778 in 2025, representing a 48 per cent rise.

It said the total value at risk increased marginally from GH¢99 million to GH¢101 million during the period.

The report showed that although banks recorded only 22 per cent of cash suppression cases, the sector accounted for about GH¢40.7 million, representing 96 per cent of the total amount at risk from such fraud.

The BoG also reported a decline in staff dismissals linked to fraud, with 75 employees dismissed in 2025 compared with 155 in 2024, representing a 52 per cent decrease.

However, it noted that only 75 of the 219 employees implicated in fraud were dismissed, representing 34 per cent of the total number involved.

Of the employees dismissed, 44 cases, representing 59 per cent, were related to cash theft and cash suppression.

The BoG said continued efforts were required to strengthen internal controls and enhance fraud prevention measures within financial institutions.

It stressed the need for collaboration among banks, regulators, law enforcement agencies and the public to tackle fraud and protect confidence in the financial sector.