The Head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, says it is difficult to conclude that existing punishment for digital financial fraud is enough to d
The report indicates that the Head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, says it is difficult to conclude that existing punishments for digital financial fraud are enough to deter offenders.
It further notes that he says fraudsters often weigh the risk of being caught and punished before deciding whether to target victims through mobile money, banking apps and other digital payment channels.
Mr Asare was speaking in a yet-to-be-aired documentary ahead of the maiden Digital Economy Forum under the theme, “The Trust Crisis: Why Fraud Is Holding Back Ghana’s Digital Economy.”
The thought-leadership platform, an initiative of Hubtel, will air on JoyNews and Joy FM on Wednesday, July 22, 2026, at 8 p.m.
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.
He stated digital fraud can involve relatively small amounts, but the effect on victims and confidence in the system can be significant.
“You know, from the fraudsters’ perspective, they, I’m sure, will probably weigh their risk. So, it will be very difficult for me to say that the deterrence is enough to threaten them. Somebody can social-engineer me, or you and then probably get away with a thousand cedis. Somebody can do the same process and get away with a hundred cedis. Some can do the same, get away with, let’s say, three thousand cedis,” Mr Asare said.
Mr Asare stated Ghana must do more to publicise convictions and punishments so that fraudsters understand the consequences of digital financial crime.
“I believe that it is a matter of making sure that we unveil some of these things so that at least they serve as examples to society. I know I have actually seen some rulings that are relatively harsh. I do not know whether we socialise it enough for everybody to know that, look, irrespective of the amount that you are involved in, the fact that you are involved in a digital financial service crime, this is what you are going to do. This is the consequence,” the Head of Fintech and Innovation said.
He stated criminal laws already provide routes for dealing with offenders, but the challenge is whether punishment is visible enough to influence behaviour.
Mr Asare stated even severe sentences may not completely stop fraud, but repeated enforcement and public awareness could discourage others.
“Apart from our own laws, there are criminal laws that will be able to deal with them accordingly. It is very difficult for me to say that, from a criminal perspective, whether the deterrence is enough to prevent them from doing it or not.”
“Some of these guys, irrespective of even if you give them a life sentence, trust me, you will get somebody who will still want to try this. So it is up to us to continuously showcase and make examples of them so that the guy next in line will know that, look, this thing, when I try, the punishment is severe,” he indicated.
His comments come as Ghana continues to record rising fraud exposure across the financial sector.
