The Founder and Executive Chair of the e-Crime Bureau, Dr Albert Antwi-Boasiako, has warned that the growing cost of cybercrime has become a major economic challenge that requires urgent attention beyond traditional technology and law enforcement approaches.
According to him, activities such as online fraud, identity theft, phishing, brand impersonation and other cyber-enabled crimes are causing significant financial losses to individuals, businesses and economies worldwide.
Dr Antwi-Boasiako said the global cybercrime economy has reached a scale comparable to some of the world’s largest economies, stressing that countries, including Ghana, cannot afford to underestimate the threat.
“If cybercrime were a country, it would be one of the largest economies in the world. West Africa carries a significant share of these losses, and Ghana is situated clearly within West Africa,” he said.
Dr Antwi-Boasiako’s concerns come amid rising global cybercrime losses. Industry research firm, Cybersecurity Ventures estimates that cybercrime costs worldwide reached about $10.5 trillion annually by 2025, representing a significant increase from previous years.
He explained that Ghana is increasingly exposed because of the rapid expansion of digital services, including mobile money, online banking, e-commerce platforms and social media transactions.
While digital transformation has improved financial inclusion and convenience, he noted that it has also created new opportunities for criminals to exploit unsuspecting users.
“The growth of digital financial services has a correlation with the kind of fraud we are seeing. Fifteen years ago, Ghana was largely cash-based. The risks were different. Now, as digital financial services grow, fraud is also evolving through digital channels,” he said.
Recent data from the Bank of Ghana’s 2024 fraud report highlights the growing pressure within the financial sector. Banks, specialised deposit-taking institutions and payment service providers recorded 16,733 fraud cases in 2024, compared to 15,865 cases in 2023.
Payment service providers were among the most affected, recording thousands of reported cases and increased financial exposure.
Dr Antwi-Boasiako said cybercriminals operate strategically, often targeting systems where the possibility of detection is low and financial rewards are high.
“Fraud is a deliberate and calculated activity. Criminals make decisions based on clear goals. They act when the chance of detection is low and the reward is high,” he explained.
He added that while law enforcement remains important, prevention, public awareness and stronger cybersecurity practices are essential because cybercrime cases are complex and difficult to prosecute on a large scale.
He further warned that the emergence of artificial intelligence could make cyberattacks more sophisticated, urging businesses and individuals to treat cybersecurity as a necessity rather than an option.
