The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has instructed the management of banks to enhance due diligence during recruitment.
This follows the Bank of Ghana’s current 2023 Fraud Report. Dr. Addison stated that, while banks reported a total of 969 fraud incidents, a 17% decrease from 1,163 cases in 2022, monetary losses from fraud had increased.
According to him, fraud prevention and detection remain at the heart of BoG’s efforts at maintaining the financial integrity and stability of the banking system.
He stated that the total loss value to banks with respect to fraud cases recorded an increase of 21% in 2023 to Gh¢63 million compared to Gh¢52 million in 2022, he said.
“More worrying is the increase in the number of staff involved in fraud. The number of staff involved in fraudulent activities in banks and SDIs rose from 188 in 2022 to 274 in 2023, representing an increase of 46%. It further emerged that out of the 274 cases of fraud recorded involving staff in 2023, 211 (77%) were involved in cash theft (cash suppression), as compared to 140 (66%) staff involved in 2022.
“This means that while banks and SDIs are putting in place measures to detect and prevent fraud from outsiders, their own staff are increasingly perpetuating fraud.”
“The BoG is obviously concerned about this growing trend and mandates banks and SDIs to strengthen their internal controls and enhance staff due diligence during recruitment, as well as reinforcing continuous in-house staff training on professional conduct,” she said, speaking during the Annual General Meeting (AGM) by the Ghana Association of Bankers in Accra on Thursday, September 19.
By: Rainbowradioonline.com/Ghana
