FNB Ghana CEO Calls for Strengthened Internal Ethics to Combat Fraud

Chief Executive of First National Bank Ghana, Warren Adams, has urged businesses to prioritize the development of robust internal ethics and principles to effectively combat fraud. His remarks came during the bank’s annual Business Breakfast meeting, part of the activities marking Fraud Week.

He highlighted the pervasive and insidious nature of fraud, affecting individuals, organizations, and societies globally. According to the Bank of Ghana’s 2023 Fraud Report, there were 15,865 reported fraud cases in 2023, up from 15,164 in 2022, marking a 5 percent increase. The total loss value rose to approximately GH¢88 million in 2023, from GH¢82 million in 2022, a 7 percent increase.

The report emphasized the shared responsibility of all stakeholders in the financial sector to combat fraud, noting the importance of continued vigilance as fraudsters increasingly employ sophisticated technology. Adams stated, “Conventional measures alone are insufficient. A critical yet often overlooked component in the fight against fraud is the cultivation of stronger values and virtues.”

The event also served as a prelude to International Fraud Awareness Week, starting November 17. Adams suggested that this year’s theme, “ethics and fraud,” underscores the crucial role of ethics in safeguarding organizational integrity and consumer protection. He added, “Ethics are the foundation upon which trust is built. By prioritizing ethics, we foster a culture of transparency, accountability, and fairness, ultimately strengthening our financial systems.”

CEO of the Ghana Association of Banks (GAB),John Awuah, delivered the keynote address, emphasizing the need for interagency cooperation to curb fraud and minimize its impact on businesses. He noted, “The closer industry partnerships are forged, the more opportunities for knowledge sharing and resource leveraging to prevent fraud as we strive to build a more just and trustworthy society.”

He also addressed the deeper issue behind fraud and unethical behavior—a deficit of character. He explained, “When individuals prioritize personal gain over integrity, honesty, and fairness, the stage is set for fraudulent behavior. Stronger values and virtues serve as a powerful antidote to fraud.”

He concluded by highlighting the strategies for building stronger values and virtues, which include organizational leaders leading by example, establishing and enforcing robust policies and procedures, and conducting regular training to encourage transparency and incentivize ethical behavior.