Financial Crime Consultant and President of the Anti-Fraud Initiative Ghana (AFIG), Isaac Obour, has called on the government to establish a National Anti-Fraud Fund to protect Ghana’s rapidly expanding digital economy from the growing threat of financial fraud.
According to him, while Ghana has emerged as one of Africa’s leading digital economies through innovations such as mobile money interoperability, digital banking, fintech, e-commerce and digital public services, increasing cases of fraud could undermine the country’s achievements if stronger preventive measures are not implemented.
In a statement, Mr. Obour stressed that trust remains the foundation of every successful digital economy, warning that persistent fraud could discourage consumers from embracing digital financial services, reduce investor confidence and slow economic growth.
He noted that businesses could become reluctant to invest in innovation while financial institutions may be forced to divert significant resources toward fraud management instead of expanding services. He added that international investors and development partners also pay close attention to financial crime risks when making investment decisions.
“Ghana’s digital transformation has become one of Africa’s most compelling success stories, but without trust, the progress made in digital finance and financial inclusion could easily be reversed,” he said.
Mr. Obour argued that the proposed National Anti-Fraud Fund should be viewed as a strategic investment rather than an additional burden on the national budget.
He explained that the fund would help safeguard Ghana’s digital economy, strengthen financial stability and enhance the country’s reputation as a secure destination for investment and digital commerce.
Drawing comparisons with other countries, Mr. Obour said nations such as the United Kingdom, Australia and Singapore have invested heavily in coordinated fraud prevention through public awareness campaigns, collaboration between government agencies and financial institutions, advanced technology and stronger law enforcement partnerships.
According to him, these countries have demonstrated that sustained investment in fraud prevention helps protect economic growth, improve public confidence and enhance global competitiveness.
He outlined several priority areas that the proposed fund should support.
Among them, he said, is nationwide public education to equip citizens with the knowledge needed to identify emerging fraud schemes, including cybercrime, investment scams, romance scams, business email compromise, impersonation fraud and increasingly sophisticated artificial intelligence-enabled scams.
He also advocated increased funding for independent research into fraud trends, criminal tactics, victim behaviour and the effectiveness of prevention strategies.
Mr. Obour noted that research-driven interventions would enable policymakers, regulators and financial institutions to respond more effectively to evolving financial crime.
The AFIG President further called for greater support for civil society organisations engaged in fraud prevention, digital literacy and consumer protection.
He explained that such organisations often reach vulnerable populations that government institutions may struggle to engage, making them critical partners in strengthening national resilience against fraud.
Beyond prevention, he urged government to ensure the proposed fund provides assistance to victims of fraud.
According to him, many victims suffer not only financial losses but also emotional trauma, damaged credit records, legal challenges and a diminished level of confidence in digital financial services.
Supporting victims through recovery programmes, he said, would help restore trust in Ghana’s financial system.
Mr. Obour further argued that strengthening fraud prevention would help sustain confidence in mobile money, digital banking, interoperable payment systems and online commerce as Ghana continues expanding financial inclusion.
He also maintained that a robust national fraud prevention framework would enhance Ghana’s attractiveness to global investors by demonstrating the country’s commitment to transparency, financial integrity and responsible governance.
He further linked the proposal to Ghana’s role as host of the Secretariat of the African Continental Free Trade Area (AfCFTA), stating that the country has an opportunity to become Africa’s leading centre for fraud prevention, digital trust and secure cross-border commerce as digital payments and regional e-commerce continue to grow.
On funding, Mr. Obour suggested that the National Anti-Fraud Fund should not rely solely on government budgetary allocations.
Instead, he proposed multiple funding sources, including a portion of regulatory penalties imposed on fraud offenders, voluntary contributions from financial institutions, development partners, corporate social responsibility initiatives, philanthropic foundations and international organisations committed to strengthening digital trust and financial integrity.
He concluded that investing in fraud prevention would cost far less than rebuilding public confidence after trust has been eroded.
Mr. Obour therefore urged policymakers to act proactively, saying the establishment of a National Anti-Fraud Fund would send a strong message to citizens, businesses, investors and the international community that Ghana is committed not only to advancing digital innovation but also to protecting it for future generations.
By 1960news.com
