Antecedents and consequences of
staﬀrelated fraud in the Ghanaian
Alexander Ekow Asmah,Williams Abayaawien Atuilik and
Department of Business Administration, Heritage Christian University College,
Purpose –The purpose of this paperis to investigatethe antecedents and consequences of employee fraud,
focusingon thebanking industry in Ghana.
Design/methodology/approach –A major bank was selected for the case study analysis. The
researchers employed qualitative data analysis for the study. Content analysis of investigation reports and
interviewsof employees from different functional areas were used as the main data collection tools.
Findings –This study found that loans contracted by bank employees with huge repayment
amounts put ﬁnancial pressure on them to commit fraud. The study also found that inadequate
controls in some areas of the bank can fuel the commission of fraud. In addition, aggrieved employees
have highly chances of committing fraud. Huge punitive consequences were noted to exist for the
employee who perpetrates the fraud and shareholders are also affected by the fraudulent behaviour of
Research limitations/implications –Findings shown in the studyconﬁrm the hypotheses of the fraud
triangle theory on the causes of fraud in spite of its criticisms. The ﬁndingsare also consistent with extant
studies on the antecedentsand consequences of fraud. The use of one bank for the case study analysis as well
as the three-year analysis period imposes a limitation on the study. Future studies can explore fraud using
other different theoreticallenses. Gathering data from more than one bank and for a longer period of analysis
may provide more accurateresults.
Practical implications –This study provides some recommendations for fraud prevention in the
banking industry in Ghana. The major one is the need for the central bank to collaborate with ﬁnancial
institutions to set up an effective credit worthiness system that will aid the monitoring of activities of the
banks. Banks should also ensure that systems of controlsare reviewed regularly to identify and deal with
Originality/value –This study is original, as it focuseson an industry that is highly susceptible to fraud
because of issuesof conﬁdentiality with data and with the scanty literature on fraud.
Keywords Banking, Fraud, Staff related
Paper type Research paper
Despite intense eﬀorts to stamp out corruption, misappropriation of assets, and fraudulent
activities, it appears that fraud in its various forms is a problem that is increasing in frequency
and severity (The Certiﬁed Accountant, 2009).
The fraudulent scandals that hit international corporations such as (Tyco, Merck and Co.
and WorldCom) have heightened both the awareness of professionals and investors to be
more careful and meticulous in making investment decisions. Without debate, fraud is a
Journalof Financial Crime
Vol.27 No. 1, 2020
© Emerald Publishing Limited
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