Fraud incidents pose biggest threat to Ghana’s digital trust — GAB CEO

The Chief Executive Officer of the Ghana Association of Banks (GAB), John Awuah, has raised concerns over the growing digital economy confidence, noting that it could face a decline if the increasing frequency of fraud incidents is not tackled.

Speaking in an interview on JoyNews on Wednesday, July 22, 2026, he said the country has not yet reached a digital trust crisis, but the warning signs are becoming more evident as more consumers grow cautious about using digital financial services.

“We are not there yet. But are we heading there? I would say yes,” he said.

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Awuah explained that while the financial impact of fraud is significant, the banking sector is more concerned about the increasing number of fraud cases because they shape public perception and confidence in digital platforms.

“The loss is important, but our emphasis is on the incident because the incidents attest to pervasiveness — whether fraud is becoming widespread,” he said.

He also noted that trust begins to erode when consumers become reluctant to carry out even routine transactions due to fears of being defrauded.

“Bank account number should never be a problem. Somebody having your bank account number alone should never be a problem. But because of the history and the experiences that they have gone through, even giving a bank account number for me to do a transaction transfer became an issue,” he stated.

According to Awuah, Ghana’s digital payments ecosystem currently processes about 10 billion transactions valued at approximately GH¢4.5 trillion annually. Out of these, around 20,000 fraud cases have been recorded, with estimated losses of about GH¢100 million.

He warned that although a single high-profile fraud case can attract attention, the greater risk lies in fraud becoming widespread enough to alter consumer behaviour and discourage the use of digital financial services.

Awuah therefore called for stronger collaboration among regulators, financial institutions, technology companies and consumers to strengthen fraud prevention measures and safeguard confidence in Ghana’s digital economy.

ANAS

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