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    AfCFTA members conclude negotiations on rules of origin to enhance free trade

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    ‘E-levy not the solution to revenue shortfall, go to IMF’ – Assibey Yeboah

    Airport workers call for sanctioning of operators who flout regulations

    Hospitality industry players confident of a rebound in business this year

    Tema ECG invests over GH¢3M into system improvement efforts

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    Three startups begin incubation at Ho Node Hub

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    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Fuel prices to go up as Price Stabilisation and Recovery levy is restored

    Rate of increase in value of MoMo transactions dipped in 2021

    IEA calls for changes in current inflation targeting structure

    Bank of Ghana maintains policy rate at 14.5%

    Kwamina Bentsi Enchill Duker appointed as 1st CEO of Development Bank Ghana

    Cedi depreciation pushes debt to almost GH¢345 billion in Nov; 78.4% of GDP

    Expect another fuel price hike in February – IES

    Too many tax policy inconsistencies worrying – Tax Analyst

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    Telco’s committed to March deadline for sim registration exercise – Dr. Ken Ashigbey

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    MTN to sue road contractors for fibre cuts

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    AfCFTA members conclude negotiations on rules of origin to enhance free trade

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    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

    President of Cote d’Ivoire Alassane Ouattara meets Eni’s CEO Claudio Descalzi

    South African president calls for increased trade with Ghana

    More partnerships needed to drive intra-Africa trade – Wamkele Mene

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Banks lose GH¢19.1mn to theft committed by own employees — new BoG report

bycitibusinessnews
September 2, 2019
in Banking And Finance
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A Bank of Ghana report on banking fraud in the country has revealed that there is a growing number of employees of banks either stealing from customers or from their employers.

The report prepared by the Financial Stability Department of the Bank of Ghana stated that in 2018, more than 2,170 cases of fraud were reported out of which 1,239 cases were committed by banks’ staff in the form of suppressing cash or deposits from customers.

The 2018 figure of employees fraud reported by the central bank shows a 78 percent increase in the 697 cases reported a year earlier.

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Commenting on the rising incident of fraud committed by banks’ employees, the central bank noted that: “It is important to stress that about 99 percent of the fraud cases reported as suppression of cash and deposits were perpetrated by staff (either contract or permanent) of the financial institutions.

The alarming involvement of staff in the perpetration of fraud in the banking sector calls for significant reforms in the recruitment, remuneration, and disengagement of persons that are engaged by financial institutions.”

According to the Financial Stability Report, the involvement of the employees of these financial institutions led to the loss of about GH¢19.1 million in the year under review.

In all the Financial institutions lost GH¢44.4 million to all forms of fraud in 2018 while employees related fraud accounted for 42 percent of the total losses.

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