Banking Consultant, Dr. Richmond Atuahene, has called for continuous lifestyle audits of bank employees to combat the growing incidence of staff-involved fraud within Ghana’s banking sector.
Speaking to ABC News GH on Friday following the Bank of Ghana’s 2024 fraud report, Dr. Atuahene described the trend as a “multifaceted issue” that, regrettably, continues to worsen.
“The internal control systems are weak, and because of that, wicked staff keep taking advantage,” he said, adding that a lack of rigorous supervision across bank departments is fueling the problem.
He stressed the need for management to enhance internal checks and encouraged staff to monitor each other — a culture he noted has diminished in recent times.
Dr. Atuahene emphasized that banks must institutionalize continuous lifestyle audits, comparing employees’ living standards with their earnings to easily identify discrepancies.
“Banks should have a continuous lifestyle audit,” he stated, pointing out that such a system would help identify and root out bad actors before major financial damage occurs.
“We should enhance the control system in all departments. When we do that, we will be able to manage it better,” he urged, highlighting that stronger internal frameworks are crucial for restoring trust in the banking system.
Addressing the broader regulatory response, Dr. Atuahene called for stricter punitive measures against fraudsters to serve as deterrent to others.
He criticized the current approach where many fraud cases result in mere dismissals, arguing that such leniency emboldens misconduct.
“There must be intensive punishment for fraud cases,” he said, urging government agencies and regulators to collaborate on establishing more rigorous consequences.
His comments come on the back of the Bank of Ghana’s report showing a 33% rise in staff-involved fraud cases, with losses from forgery, identity theft, and other internal malpractices reaching alarming levels.
