BoG orders banks to give fraud units direct access to CEOs

The Bank of Ghana (BoG) has directed banks to strengthen the independence and effectiveness of their fraud management functions, including giving fraud units direct and unrestricted access to managing directors and chief executive officers.

Governor Dr Johnson Asiama said the central bank has received concerns from the Ghana Association of Banks about the different ways banks currently position their fraud functions.

He said banks must strengthen fraud risk management through effective policies and controls designed to prevent, detect and deter fraudulent activities.