Ghana’s financial sector recorded a sharp increase in fraud incidents in 2025, largely driven by rising electronic fraud cases within the Payment Service Providers (PSPs) sector, according to the latest fraud report from the Bank of Ghana.

The report, released by the Financial Stability Department of the central bank, revealed that total reported fraud cases across banks, Specialised Deposit-Taking Institutions (SDIs), and PSPs increased from 16,733 cases in 2024 to 24,778 cases in 2025, representing a 48 per cent rise.

The total value at risk also increased slightly from GH¢99 million in 2024 to GH¢101 million in 2025.

According to the report, the sharp rise was mainly influenced by developments in the PSP sector, where fraud cases increased significantly alongside the rapid growth of digital financial transactions.

PSPs Record Nearly 98% of Fraud Cases

The PSP sector accounted for the overwhelming majority of reported fraud cases in 2025, recording 24,124 incidents compared to 15,673 cases in 2024.

This represents a 54 per cent increase, with the value at risk rising by 95 per cent from GH¢19 million to GH¢37 million within the same period.

The Bank of Ghana attributed the increase to the expansion of digital payment platforms and relatively lower levels of digital financial literacy among some users.

The report noted that fraud activities have gradually shifted towards PSPs as more Ghanaians adopt electronic payment channels.

Banks Record Decline in Fraud Cases

Unlike PSPs, banks experienced a reduction in fraud incidents in 2025.

The number of fraud cases reported by banks dropped from 716 in 2024 to 472 in 2025, representing a 34 per cent decline.

The value at risk also reduced by 24 per cent, falling from GH¢75 million to GH¢57 million.

The top fraud categories recorded in banks were ATM/POS fraud, fraudulent withdrawals, cash suppression, cyber and information systems fraud, and forgery or manipulation of documents.

Cash suppression emerged as the biggest financial threat to banks, accounting for GH¢40.7 million in value at risk, largely due to an isolated GH¢36 million incident.

SDIs Record Fewer Cases but Higher Exposure

Specialised Deposit-Taking Institutions (SDIs) also recorded a decline in fraud cases, moving from 344 cases in 2024 to 182 cases in 2025, a 47 per cent reduction.

However, the value at risk increased significantly from GH¢4.5 million to GH¢8 million, representing a 77 per cent rise.

Forgery and manipulation of documents recorded the highest value at risk in the SDI sector at GH¢4.2 million, while cash suppression remained one of the major fraud concerns.

Rural and Community Banks (RCBs) accounted for a significant portion of cash suppression cases within the SDI sector.

Staff-Related Fraud Declines

The report also showed a decline in staff involvement in fraudulent activities across banks and SDIs.

The number of staff implicated in fraud reduced from 365 in 2024 to 219 in 2025, representing a 40 per cent drop.

Out of the 219 staff-related fraud cases recorded, 139 cases involved cash theft and cash suppression.

Banks and SDIs dismissed 75 employees over fraud-related offences in 2025, compared to 155 dismissals in 2024.

BoG Calls for Stronger Fraud Prevention Measures

The Bank of Ghana stressed that tackling fraud requires coordinated efforts among financial institutions, regulators, law enforcement agencies, and the public.

The central bank said increasing digitalisation and innovation have created new opportunities but have also introduced more complex fraud risks.

It reaffirmed its commitment to strengthening supervision, improving regulatory frameworks, and supporting initiatives aimed at protecting Ghana’s financial sector and maintaining public confidence.

Source: Bank of Ghana 2025 Fraud Report

The Ghanaian creative arts community is mourning the heartbreaking passing of acclaimed visual artist Yaa Padiki, widely known as Sharon Dede Padiki Padi. Recognised as one of Ghana’s most outstanding female visual artists, her sudden death has sent shockwaves through the country’s artistic community.

Among those paying tribute is Eugene Baah, who worked closely with Sharon during her Guinness World Record attempt for the longest painting marathon. In an emotional message, Baah described her as an extraordinary artist whose remarkable talent, passion, and creativity inspired many people within and beyond the arts industry.

Reflecting on their time together, he said it was an honour to lead her media team throughout the record-breaking journey, praising her unwavering commitment, determination, and exceptional artistic brilliance.

Beyond her impressive body of work, Sharon was admired for her kind-hearted nature and genuine ability to connect with people. Friends, colleagues, and collaborators remember her as a compassionate individual who built lasting relationships and made a significant impact on everyone she encountered, earning her a cherished place in Ghana’s creative community.

Her artistic influence also reached the international stage through her participation in exhibitions and workshops abroad, including the Arts in Ramsgate Artist Talk & Painting Workshop in the United Kingdom. These appearances further established her as one of the leading voices in contemporary African visual arts.

As messages of condolence continue to flood social media and the arts community, Sharon Dede Padiki Padi is being remembered not only for her exceptional artistic achievements but also for her resilience, generosity, and lasting contribution to Ghana’s cultural heritage. Her legacy will continue to inspire aspiring artists and future generations of creatives.

The legal representative of the late Kwadwo Safo Kantanka, Nana Kofi Safo Kantanka, has provided further clarification on the contents of the deceased’s will, stating that it does not expressly appoint Israel Kwadwo Safo Akofena as the successor to his father’s entire empire.

Speaking on the matter  on Utv, the lawyer explained that the will specifically entrusted Akofena with the custody and control of the late Apostle’s body, adding that this responsibility was not assigned to any other individual.

According to Nana Kofi Safo Kantanka, the will also authorises Akofena to take charge of the funeral arrangements and burial of the late founder. He stressed that the instructions in the will clearly place responsibility for the body, burial and funeral in Akofena’s hands.

Addressing questions about a funeral date announced by some members of the family, Nana Kofi Safo Kantanka said a decision had been reached to maintain the scheduled date after consultations with church leadership.

He explained that although discussions were held, the family resolved to keep the previously announced funeral date in the interest of peace and unity.

“They have made up their minds to maintain the date for the funeral after meeting the church leadership, and for the sake of peace, we have decided to maintain the date,” he stated.

The lawyer further clarified that while the will gave Akofena responsibility over the late Apostle’s body and funeral arrangements, it did not specifically state that he should inherit or take over the entire Kristo Asafo empire.

He noted that the role assigned to Akofena in the will relates to the care of the body and funeral matters, while the position of family head is separate from ownership or control of the deceased’s wider empire.

Nana Kofi Safo Kantanka also disclosed that the late Apostle bequeathed all his personal clothing, footwear and other apparel to Akofena. However, he emphasised that the deceased’s empire was not included among the assets specifically willed to him.

The clarification comes amid ongoing public interest and differing interpretations surrounding the contents of the late Apostle’s will and the succession arrangements following his passing.