Reports have indicated that banks in Ghana lose approximately GH¢271,233 to fraudulent activities daily, amounting to about GH¢8.25 million monthly and GH¢99 million annually.
This significant revenue loss, recorded in 2024, highlights the damaging impact of fraudulent activities on the financial system.
To combat this issue, Professor Isaac Boadi, Dean of the Faculty of Accounting and Finance at the University of Professional Studies (UPSA), has outlined steps the government and the Bank of Ghana can take to reduce Value at Risk (VaR) and fraud.
He recommended a multi-faceted approach, including investing in advanced fraud detection technologies such as artificial intelligence and machine learning to identify suspicious transactions in real time.
According to him, the central bank must enforce stricter penalties for financial institutions that fail to implement robust anti-fraud measures, including sanctions and fines.
He also called for an expedited legal process for prosecuting fraud cases, arguing that swift justice would serve as a deterrent to potential offenders.
Furthermore, Professor Boadi emphasized the need for collaboration between the Bank of Ghana and the judiciary to establish specialized courts dedicated to financial crimes.
Regarding education, he urged the government to raise awareness about fraud and encourage whistleblowing.
He concluded that implementing these measures would help protect the economy from the harmful effects of financial fraud.
SA/MA
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