Experts Predict Rise in Digital Fraud

Ghana's digital economy is expected to grow significantly in the coming years, with more people turning to mobile money and online transactions to conduct their financial business. However, this growth is also expected to bring an increase in digital fraud cases.

Economist and Professor of Finance at the University of Ghana Business School, Godfred Bokpin, says that the rise of digital payments has made it easier for criminals to commit fraud.

### Digital Payments on the Rise

The Bank of Ghana's 2024 Payment Systems Oversight Annual Report shows that payment service providers processed approximately 8.1 billion transactions valued at around GH¢3 trillion in 2024. This represents a significant increase from previous years, and experts warn that fraud cases are likely to follow suit.

The report also shows that payment service providers recorded 16,733 fraud cases in 2024, up from 15,865 in 2023. The value at risk in the sector also rose by 18% to approximately GH¢19 million.

### Experts Warn of Dangers of Digital Fraud

Prof. Bokpin says that consumers and businesses must be vigilant to avoid falling victim to digital fraud. "The net benefit overall is positive, but we must recognize fraud as a risk that grows alongside adoption and must be managed across the financial system."

### Managing the Risk of Digital Fraud

To mitigate the risks of digital fraud, experts recommend that consumers and businesses take certain precautions. These include being cautious of unsolicited emails and text messages, verifying the authenticity of online transactions, and using secure passwords and login credentials.

Prof. Bokpin also recommends that the government and regulatory agencies take steps to improve cybersecurity and enhance consumer protection. "We must recognize fraud as a risk that grows alongside adoption and must be managed across the financial system," he says.

### The Impact of Digital Fraud on Ghana's Economy

The impact of digital fraud on Ghana's economy is significant. If left unchecked, it could lead to a decline in consumer confidence and a decrease in the uptake of digital payments. This could have a knock-on effect on the economy as a whole, impacting businesses and individuals alike.

### Key Facts

  • Payment service providers processed approximately 8.1 billion transactions valued at around GH¢3 trillion in 2024.
  • Payment service providers recorded 16,733 fraud cases in 2024, up from 15,865 in 2023.
  • The value at risk in the sector also rose by 18% to approximately GH¢19 million.
  • The Bank of Ghana's 2024 Payment Systems Oversight Annual Report shows that payment service providers processed approximately 8.1 billion transactions valued at around GH¢3 trillion in 2024.

### Ghana's Digital Economy Forum

The maiden Digital Economy Forum will be held on July 22, 2026, at 8 p.m. on JoyNews and Joy FM. The forum will bring together regulators, banks, fintech companies, telecommunications firms, security agencies, and consumers to examine whether Ghana's regulatory system is keeping pace with the growth of digital finance.

### Prof. Bokpin's Full Quote

"It's not surprising when you find criminals, who follow the money and the trend, also doing their analysis and projections, seeing where the flow is going, and preparing towards that as well," Prof. Bokpin said.