Stakeholders from Ghana’s financial services sector, academia, and regulatory bodies have come together to deliberate on strengthening the country’s financial defences against emerging forms of fraud. The virtual webinar, themed “Emerging Threats, Evolving Defences: Securing Ghana’s Financial Ecosystem Against Fraud,” was held on Friday, October 10, 2025, from 10:00 a.m. to 12:00 p.m. via Microsoft Teams. The event was organized by KPMG Ghana in collaboration with the Ghana Association of Banks (GAB).
Moderated by Mr. Julius Ayivor, the two-hour session brought together an esteemed panel comprising Mr. John Awuah, Chief Executive Officer of the Ghana Association of Banks; Mr. Eric Bobzie Cab-Beyuo of the Bank of Ghana; Dr. Asantey of ARB APEX Bank; Prof. Justice N. Bawole, former Dean of the University of Ghana Business School; Ms. Arisa David from Calbank; and Mr. Oluwaseum Odeku, a partner from KPMG. Together, they explored the evolving fraud landscape, the typologies threatening Ghana’s financial stability, and the collective strategies required to protect the sector and its customers.
Opening the discussion, Mr. Awuah emphasized that in today’s digital economy, fraud is no longer a distant possibility but a persistent reality. He noted that fraudsters are becoming increasingly sophisticated; leveraging malware, phishing, social engineering, and insider collusion - to exploit weaknesses in governance, technology, and human behaviour. “The question is no longer whether fraud will occur, but how prepared we are to detect, prevent, and respond to it”, he remarked.
In his intervention, Mr. Cab-Beyuo highlighted data from the Bank of Ghana’s 2024 Fraud Report, which recorded a 26% decline in total fraud cases compared to 2023. He attributed this improvement to stronger internal controls, enhanced reporting mechanisms, and greater industry collaboration. Nonetheless, he warned that card-not-present fraud and social engineering schemes remain major threats, particularly among banks and payment service providers. He further urged financial institutions to intensify customer education and sensitization, stressing that uninformed customers often become the weakest link in the security chain.
Adding a human and ethical perspective to the discussion, Prof. Justice Bawole called attention to the moral decay and social pressures contributing to unethical behaviour within financial institutions. He cautioned that even with the most advanced technological safeguards, internal fraud remains possible if the ethical culture within banks is weak. “We must begin rebuilding values from the foundation; starting in our schools and families to nurture a generation that values integrity over appearances”, he said.
Dr. Asantey reinforced this point by calling for continuous fraud awareness training at executive and operational levels, consistent on-site inspections, and the maintenance of comprehensive fraud registers across institutions. These measures, he explained, will enable targeted interventions and trend analysis, making fraud prevention more strategic and data-driven.
Discussions also highlighted the importance of industry-wide collaboration, particularly between banks, the Bank of Ghana, and law enforcement agencies, to strengthen due diligence, background checks, and the sharing of verified information on fraudsters. Mr. Awuah reiterated that the Ghana Association of Banks remains committed to supporting its members through joint industry initiatives, enhanced regulatory engagement, and public education campaigns to ensure the integrity of Ghana’s financial ecosystem.
Beyond regulatory and institutional reforms, the session also explored social and behavioural dimensions of fraud. Panellists noted that the pursuit of unrealistic performance targets, societal pressures to display wealth, and the rise of digital distractions among young professionals have all created new vulnerabilities within financial institutions. Addressing these issues, they agreed, requires a balanced approach that combines technological resilience with ethical renewal.
In concluding the webinar, moderator Mr. Ayivor thanked the panellists and participants for their active engagement and reaffirmed the organizers’ commitment to continuing the dialogue on building a safer and more resilient financial ecosystem. The event underscored a shared understanding that fraud prevention is not solely a regulatory mandate but a collective responsibility that demands vigilance, collaboration, and continuous learning across all levels of the financial sector.