The Bank of Ghana is calling for a more coordinated approach to tackling financial crime after reported fraud cases across Ghana’s financial ecosystem increased from 16,733 in 2024 to 24,778 in 2025.
Second Deputy Governor of the Bank of Ghana, Mrs Matilda Asante-Asiedu, made the call during the 2026 COCLAB Technical Committee Workshop held at the Royal Senchi Hotel in Akosombo on Thursday, September 10, 2026.
In her keynote address, she emphasized the need for stronger cooperation among financial institutions, payment service providers, telecommunications companies, regulators, and law enforcement agencies to address the changing nature of financial crime.
Digital payment channels emerge as a growing concern
According to the 2025 Fraud Report cited in her address, fraud incidents across the wider financial ecosystem increased by approximately 48 percent, while the reported value at risk rose from GH¢99 million to GH¢101 million.
The Deputy Governor explained that the increase was driven overwhelmingly by Payment Service Providers (PSPs), with fraud incidents within the sector rising by 98 percent between 2022 and 2025.
She noted that criminal activity is increasingly moving toward electronic money and digital payment channels, creating risks that extend beyond individual financial institutions.
“Fraud risk has become ecosystem risk — and it demands an ecosystem-wide response.”
— Mrs Matilda Asante-Asiedu, Second Deputy Governor, Bank of Ghana.
Bank of Ghana proposes a restructured COCLAB
Mrs Asante-Asiedu also outlined efforts to strengthen the Committee for Cooperation between Law Enforcement Agencies and the Banking Community (COCLAB).
She said a revised structure had been proposed, comprising two working groups focused on:
- Public Sensitization and Information Sharing
- Investigations
The working groups will be supported by a Steering Committee made up of heads of member institutions, which will provide strategic direction, policy guidance, and oversight.
According to the Deputy Governor, the proposed structure is intended to improve implementation, accountability, and collaboration among participating institutions.
Ghana’s anti-money laundering assessment
The address also highlighted Ghana’s ongoing Third Round GIABA Mutual Evaluation Assessment, which covers anti-money laundering, counter-financing of terrorism, and counter-proliferation financing.
Mrs Asante-Asiedu said the assessment carries implications for investor confidence, correspondent banking relationships, cross-border financial transactions, and the international standing of Ghana’s financial sector.
She urged member institutions to address outstanding gaps and ensure that the necessary frameworks, evidence, and implementation measures are in place.
The bigger picture
The Bank of Ghana’s message is that combating financial crime requires cooperation across the financial and law enforcement sectors, particularly as digital payment services continue to expand.
The proposed COCLAB reforms are intended to move the committee toward a more proactive, action-oriented, and results-driven approach.
The Deputy Governor said the committee’s success should ultimately be measured through stronger intelligence sharing, successful investigations, asset recovery, improved regulatory compliance, and a reduction in financial crime risks.
Source: BoG
