Ghana's banking sector seeks unified fraud-fighting platform as recovery rate stalls at just 5%

Ghana's banking sector is facing a crisis of confidence as financial fraud losses continue to mount, with institutions recovering only about 5 percent of stolen funds in 2025. The Ghana Association of Banks is now calling for a radical shift in how the industry tackles this challenge—advocating for a unified, intelligence-sharing platform that would allow banks, fintechs, payment providers and telecom companies to work in concert against organised fraud networks.

The push comes as fraudsters themselves become increasingly sophisticated and coordinated in their operations. Speaking at GCB Bank's fraud awareness forum, John Awuah, Chief Executive Officer of the Ghana Association of Banks, argued that financial institutions must mirror the collaborative tactics criminals are already using. "If fraud happens, we need to work a lot more together, we need to collaborate a lot more, and we need to cooperate a lot more so that we can improve the recovery rate," Mr. Awuah said.

Why the recovery rate matters for Ghana

A 5 percent recovery rate is more than just a financial metric—it directly undermines public trust in Ghana's digital financial ecosystem. As more Ghanaians move away from cash towards mobile money and online banking, confidence in these platforms becomes essential for economic growth. When customers lose funds to fraud and banks cannot recover them, even partially, it sends a chilling message about the safety of digital finance. Mr. Awuah emphasised this connection: "If we work together, if we invest in a common platform to fight fraud, we will be able to improve our recovery rate... to a level where we make it disincentivize the fraudsters."

The stakes are particularly high for Ghana, where financial inclusion through digital channels has been identified as a key development priority. A weak fraud recovery framework could slow adoption of digital payment systems among populations that are already cautious about trusting financial technology.

The industry's proposed solution

The Ghana Association of Banks believes a unified platform could work by enabling real-time intelligence sharing across institutions, allowing financial operators to trace and freeze stolen funds more quickly. The platform would also help identify patterns in fraud schemes, making it easier to catch repeat offenders. Critically, this approach would also assist customers who inadvertently enabled fraud—such as those who fell victim to social engineering or credential theft—by giving institutions better tools to recover their money even when the customer bears some responsibility.

GCB Bank is already playing its part in the broader strategy through public education campaigns. The bank, alongside the Ghana Association of Banks, is running awareness initiatives like the "Spot the Fraud, Shine Your Eyes" campaign to help customers recognise common scam tactics. Cynthia Ofori-Dwumfuo, Chief Marketing, Communications and Customer Experience Officer at GCB Bank, explained that the bank brought together stakeholders including the National Signals Bureau, the Cybersecurity Authority and the Cybersecurity Unit of the CID to share expertise and reinforce messaging to the public.

What customers need to know

Whilst the banking industry works on structural solutions, customers remain the first line of defence. Financial institutions are emphasising the importance of verifying any suspicious communications directly with the bank, rather than using contact details provided in messages. The message is simple: when in doubt, contact your bank through official channels before acting on any financial request.

The momentum for systemic change appears to be building, but success will depend on how quickly the industry can move from rhetoric to implementation. With fraudsters already operating as a coordinated threat, Ghana's banks have little time to waste.