The Bank of Ghana (BoG) has issued an urgent call to all commercial banks, stressing the necessity of immediately bolstering their internal controls and significantly enhancing their cyber resilience to effectively combat the escalating incidence of financial sector fraud.
Focus on Controls and Customer Service
Speaking at the 2025 Consumer Reporting Officers Stakeholder Engagement held in Accra on October 21, 2025, Second Deputy Governor Matilda Asante-Asiedu underscored that the current rise in fraudulent activities poses a serious threat to the stability and integrity of the banking system. She emphasized that two critical and immediate steps for banks are tightening internal controls—referring to the policies, systems, and procedures used to manage risk and ensure adherence to best practices—and improving customer service.
The Deputy Governor highlighted that deficiencies in these areas often provide exploitable vulnerabilities that fraudsters leverage. Enhanced controls are expected to minimize insider threats and procedural lapses, while improved customer service, particularly in handling disputes and suspicious activity reports, will build trust and provide an early warning system against fraud.
Central Bank’s Collaborative Strategy
The stakeholder engagement, organized by the central bank, serves as a key component of the BoG’s ongoing strategy to deepen awareness and collaboration across the financial ecosystem. The event brings together financial institutions, consumer reporting officers, and other relevant stakeholders to share insights and coordinate efforts.
According to Deputy Governor Asante-Asiedu, this collaborative approach is crucial because the sophistication of financial crime requires a unified and informed response from all industry players. The primary objective behind demanding stronger measures and fostering collaboration is to safeguard public confidence in the banking sector and protect the integrity of the entire financial system from the increasing complexity and volume of threats. The BoG is positioning itself to ensure that the financial infrastructure remains robust against evolving cyber and fraud risks.
Ruth Abla ADJORLOLO
