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“Banking Sector Fraud Hits GH₵88 Million”- Ministry Of Finance

Written by Yad Media

Acting Director of the Financial Sector Division at the Ministry of Finance, Andrew Kudjo Ameckson has revealed that banking sector fraud in 2023 reached GH₵88 million, a 7% increase from GH₵82 million in 2022.

At Ghana’s third mutual assessment under the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), Ameckson stressed the urgent need for action.

He pointed out that fraud cases in the banking sector rose to 15,865 in 2023, up from 15,164 in 2022. The total amount involved increased from GH₵82 million to GH₵88 million, signaling a troubling trend.

Ameckson emphasized,

“A 7% rise is significant. This money belongs to depositors and businesses, and fraudsters are taking it. Even losing a single million cedis can financially ruin individuals or businesses.”

Additionally, he also confirmed that the Ministry of Finance is working to strengthen its collaboration with key agencies such as the Financial Intelligence Centre (FIC) and the Economic and Organized Crime Office (EOCO) to address the issue.

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