Banking Consultant, Dr. Richmond Atuahene, has raised alarm over the rising staff-involved fraud cases within Ghana’s banking sector, blaming the trend on weak internal control systems.
Speaking to ABC News GH on Friday following the release of the Bank of Ghana’s 2024 annual fraud report, Dr. Atuahene stated, “The internal control systems are weak, and because of that, wicked staff keep taking advantage of that.”
He noted that poor supervision and limited managerial oversight across bank departments are contributing to the surge, emphasizing that internal checks among employees once a strong practice have significantly diminished in recent years.
Dr. Atuahene recommended that banks implement continuous lifestyle audits to help curb the situation, urging management to routinely assess whether employees’ lifestyles align with their official earnings.
“Banks should have a continuous lifestyle audit,” he advised.
“We should enhance the control system in all departments. When we do that, we will be able to manage it better.”
He stressed that strengthening controls and promoting peer accountability are critical steps needed to effectively detect and deter internal fraud before it escalates.
In addition, Dr. Atuahene called for stricter and more punitive measures against staff implicated in fraud cases.
He criticized the current handling of fraud incidents, where only 43% of accused employees face dismissal, and urged government agencies to collaborate with financial regulators to establish harsher penalties.
His comments come against the backdrop of the Bank of Ghana’s findings, which recorded a 33% increase in staff-related fraud in 2024, with estimated financial risks from forgery and document manipulation skyrocketing to GH¢53.5 million.
The central bank has since called for a zero-tolerance approach to internal fraud to protect the integrity of the financial system.
