The Bank of Ghana (BoG) has directed all commercial banks to strengthen the independence and effectiveness of their fraud management functions by granting fraud units direct and unrestricted access to managing directors and chief executive officers.
Governor Dr Johnson Asiama delivered the directive during a meeting with bank heads, citing concerns raised by the Ghana Association of Banks about the varied positioning of fraud functions across institutions.
Dr Asiama highlighted that fraud poses a significant risk requiring serious attention, urging banks to adopt robust policies and controls to prevent, detect and deter fraudulent activities. He stressed that the fraud function must be appropriately positioned with direct access to the managing director or chief executive officer to ensure its independence.
The governor also instructed banks to ensure that fraud‑management personnel possess the requisite skills, professional certifications and technical competence.
These measures come as the BoG intensifies its supervisory focus on risks emerging from the growing digitalisation of financial services, including cyber technology and fintech-related risks. The central bank is working with the industry on the implementation of the Cyber and Information Security Directive and will tighten supervisory expectations around technology, customer‑fund safeguarding and third‑party risks.
Bank executives are expected to comply with the directive promptly, with the BoG monitoring implementation closely to curb fraud and protect customer assets.
