Ministry of Finance Calls for Action as Fraud Cases Surge
The Ministry of Finance in Ghana has raised alarms over the rising wave of banking fraud, reporting a 7% increase in cases from GH₵82 million in 2022 to GH₵88 million in 2023. Andrew Kudjo Ameckson, Acting Director of the Financial Sector Division, described this trend as alarming, with over 15,865 fraud cases recorded last year, up from 15,164 in 2022.
Addressing the issue during Ghana’s third mutual assessment under GIABA, Ameckson emphasized the severe impact of fraud on individuals, businesses, and the financial sector at large. He noted that even a single loss in the millions could mean financial ruin, highlighting the urgent need for intervention.
To tackle the menace, the Ministry has pledged to collaborate closely with enforcement agencies like the Financial Intelligence Centre (FIC) and the Economic and Organised Crime Office (EOCO). Ameckson assured that the Ministry would support these bodies to intensify efforts against fraudulent activities.
The surge in financial crimes is a growing threat to investor confidence and the stability of Ghana’s banking sector. Experts are calling for enhanced regulatory oversight, stronger cybersecurity measures, and improved risk management systems to safeguard deposits and maintain public trust.
This disturbing trend serves as a wake-up call for stakeholders to work together in curbing fraud and ensuring that Ghana’s banking sector remains resilient against evolving criminal tactics.
Source: ModernGhana