BoG urges stronger action as digital fraud threat grows

The Bank of Ghana (BoG) has called for intensified cooperation among financial institutions, regulators and law enforcement agencies as Ghana seeks to strengthen its defences against financial crime and avoid a return to the Financial Action Task Force (FATF) grey list.

Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, said the stakes were high following Ghana’s latest mutual evaluation, warning that weaknesses in the country’s anti-financial crime framework could have serious economic and reputational consequences.

Speaking at the opening of the 2026 Technical Committee Workshop of the Committee for Cooperation Between Law Enforcement Agencies and the Banking Community (COCLAB), she said institutions must move beyond discussions and deliver measurable results in the fight against financial crime.

“The outcome of this assessment carries real weight,” Asante-Asiedu said.

She stressed that Ghana could not afford to return to the FATF grey list, noting that the financial implications of such a development could be significant.

Her call comes as fraudsters increasingly migrate from conventional banking channels to digital platforms, taking advantage of the rapid expansion of electronic payments and other technology-driven financial services.

Data from the Bank of Ghana’s 2025 fraud report show that reported fraud cases across the financial ecosystem rose sharply to 24,778 in 2025, from 16,733 in 2024—a 48 percent increase.

While fraud cases within the traditional banking sector declined, criminal activity involving digital financial services continued to rise. Fraud incidents in the digital space increased by 98 percent between 2022 and 2025, underlining the changing nature of financial crime and the growing risks associated with Ghana’s expanding digital economy.

Asante-Asiedu said this evolution requires a more coordinated and proactive response from institutions responsible for safeguarding the financial system.

She pointed to previous interventions by COCLAB as evidence that stronger cooperation and intelligence sharing can produce concrete results.

One such operation in 2023 resulted in the arrest of 430 people, including three foreign nationals, during an intelligence-led crackdown on illegal online operators in parts of Accra.

According to her, collaboration among COCLAB member institutions has also contributed to the disruption of fraud networks, recovery of illicitly transferred funds and successful investigations and prosecutions.

She also cited the conviction of a bank employee who was sentenced to 10 years’ imprisonment for embezzling GH¢1.2 million, following enhanced information sharing among relevant institutions.

However, she said the effectiveness of COCLAB should not be measured by the number of meetings convened or reports produced.

Instead, she said, the collaboration must be judged by its ability to generate actionable intelligence, support successful investigations and prosecutions, recover proceeds of crime, strengthen compliance and ultimately reduce financial crime.

As part of efforts to improve its effectiveness, COCLAB is being restructured around specialised working groups focusing on public sensitisation, information sharing and investigations. A steering committee made up of heads of member institutions will provide strategic direction.

Asante-Asiedu said Ghana’s ability to protect the integrity of its financial system will depend increasingly on how effectively regulators, banks and law enforcement agencies work together.

Strengthening that cooperation, she said, will be critical not only to tackling the growing threat of digital fraud but also to maintaining confidence in Ghana’s financial system and ensuring the country does not face the potentially costly consequences of being placed back on the FATF grey list.