By 
The Second Deputy Governor of the Bank of Ghana (BoG), Matilda Asante-Asiedu, has backed a revised structure for the Committee for Co-operation between Law Enforcement Agencies and the Banking Community (COCLAB) as part of efforts to strengthen Ghana’s response to financial crime.
The new structure will comprise two working groups focused on public sensitisation, information sharing and investigations, supported by a steering committee made up of heads of member institutions to provide strategic direction.
Speaking at the 2026 COCLAB Technical Committee workshop in the Eastern Region on Thursday, September 10, Asante-Asiedu said the revised structure would strengthen implementation, accountability and cooperation among participating institutions.
“These working groups will provide the technical foundation needed to drive implementation, strengthen accountability, and deepen collaboration amongst member institutions,” she said.
BoG shifts focus to measurable financial crime outcomes
Asante-Asiedu said COCLAB’s effectiveness should not be assessed by the number of meetings held or reports produced, but by the tangible outcomes of its work in combating financial crime.
She identified stronger intelligence sharing, successful investigations and prosecutions, asset recovery, improved regulatory compliance and greater customer awareness as key measures of the committee’s performance.
“Success will not and should not be counted in the number of committee meetings we hold or technical reports that we produce. It should be measured by the outcomes of stronger intelligence sharing, successful investigations that lead to successful prosecutions, asset recovery, improved regulatory compliance, greater customer awareness, and a measurable reduction in financial crimes,” she said.
The emphasis on measurable outcomes comes amid growing financial crime risks as Ghana’s financial ecosystem becomes increasingly digital and interconnected.
Financial and digital fraud incidents rise
Asante-Asiedu linked the restructuring of COCLAB to the growing threat posed by financial crime, particularly as digital transactions continue to expand.
She noted that fraud incidents across Ghana’s financial ecosystem increased from 16,733 in 2024 to 24,778 in 2025, representing a 48% rise.
Digital fraud incidents also increased by 98% between 2022 and 2025, highlighting the growing pressure on financial institutions, regulators and law enforcement agencies to strengthen their ability to detect and respond to emerging threats.
The figures underscore the need for stronger cooperation and information sharing across the financial ecosystem, particularly as fraudsters adopt increasingly sophisticated methods to exploit digital channels.
BoG warns of FATF grey-listing risks
The Second Deputy Governor also cautioned that Ghana must strengthen its financial crime prevention systems to avoid being placed on the Financial Action Task Force (FATF) grey list.
She said the outcome of Ghana’s third-round mutual evaluation could have significant financial implications for the country, making it important for relevant institutions to address outstanding weaknesses in the financial crime control framework.
“We definitely don’t want to go back there to being greylisted,” she said.
The warning adds urgency to ongoing efforts to strengthen Ghana’s anti-money laundering and counter-financing of terrorism controls, as well as the country’s broader financial crime prevention framework.
New COCLAB structure targets stronger deterrence
Asante-Asiedu reaffirmed the Bank of Ghana’s commitment to supporting the new COCLAB structure and helping the committee become more effective in preventing, detecting and responding to financial crime.
She said stronger institutional coordination should ultimately create an environment where the likelihood of detection and prosecution serves as a deterrent to potential fraudsters.
“We should be so efficient that when the fraudster begins to think through their next move, they’ll also think, ‘Gosh, what if these people arrest me?’ So that is a deterrent to them,” she said.
The restructured COCLAB is therefore expected to provide a more coordinated platform for financial institutions, regulators and law enforcement agencies to share intelligence, strengthen investigations and deliver measurable results in the fight against financial crime.
Comments