The Bank of Ghana (BoG) has clarified that employees implicated in fraud cases within financial institutions should not automatically be regarded as having stolen money, stressing that investigations must establish each individual’s level of responsibility before disciplinary action is taken.
Speaking in an interview, the Head of the BoG’s Fraud Investigations and Reporting Unit, Eric Cab-Beyuo, said financial institutions are required to conduct thorough investigations and give affected staff a fair hearing in line with the legal principle of audi alteram partem.
According to him, some employees become implicated in fraud incidents due to negligence or failure to comply with internal controls, rather than direct involvement or financial gain. He noted that disciplinary measures are determined on a case-by-case basis following investigations and recommendations by disciplinary committees, with sanctions ranging from warnings to dismissal.
Mr. Cab-Beyuo, however, revealed that about 75 percent of staff linked to fraud cases have ultimately been dismissed, reflecting the strict stance financial institutions take against fraud-related misconduct. He emphasized that while institutions must act firmly against fraud, disciplinary decisions should be evidence-based and proportionate to each individual’s role in the incident.