Founder and Executive Chair of e-Crime Bureau, Dr Albert Antwi-Boasiako, says the cost of cybercrime has become so large that it must be treated as a major economic threat, not only a technology or law-enforcement problem.He says online fraud, identity impersonation, phishing, brand impersonation and other cyber-enabled crimes are draining value from individuals, businesses and economies across the world.“If you look at the cybercrime economy globally, the losses are very significant. 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 was speaking in a yet-to-be-aired documentary, “The Trust Crisis,” ahead of the maiden Digital Economy Forum under the theme, “The Trust Crisis: Why Fraud Is Holding Back Ghana’s Digital Economy.”The thought-leadership platform, an initiative of Hubtel, will air on JoyNews and Joy FM on Wednesday, July 22, 2026, at 8 p.m.The forum will bring together regulators, banks, fintech companies, telecommunications firms, cybersecurity experts, businesses and consumers to examine how fraud is affecting confidence in Ghana’s digital economy.Dr Antwi-Boasiako’s warning reflects the scale of cybercrime losses being recorded globally.Acting Director General, CSA, Dr Albert Antwi-BoasiakoCybersecurity Ventures, an industry research firm, estimates that global cybercrime costs reached about $10.5 trillion annually by 2025, up from $3 trillion in 2015. The firm says those costs were projected to grow by 15 percent annually over five years.Measured against national economies, the figure gives a sense of the threat. World Bank data puts the United States’ GDP at about $30.8 trillion in 2025 and China’s at about $19.5 trillion. A $10.5 trillion cybercrime economy would therefore sit behind those two if treated as a national economy.For Dr Antwi-Boasiako, the global cost matters because Ghana is not outside the threat environment. He said cybercriminals exploit gaps wherever they find them, including in advanced countries with stronger digital systems.“Cybercriminals are exploiting gaps everywhere, even in advanced countries. Awareness is key. If you are a digital user, due diligence is important. Government has a responsibility to improve awareness, but institutions also have a responsibility,” he added.The concern is becoming more urgent as Ghana’s digital economy expands. More people are using mobile money, banking apps, online marketplaces and social media platforms to send money, receive payments, buy goods and access services.That growth has created convenience and inclusion, but it has also increased the number of users exposed to digital fraud.Dr Antwi-Boasiako said the growth of digital financial services has a direct relationship with the type of fraud now being recorded. He said Ghana’s fraud risks have changed as the country has moved away from a largely cash-based economy.“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, especially around cash handling. Now, as digital financial services grow, fraud is also evolving through digital channels. As the nation adopts digital financial services and digital initiatives, naturally, there will also be growth in fraud and cybercrime,” he added.Ghana’s own fraud data shows the pressure within the digital payment ecosystem.The Bank of Ghana’s 2024 fraud report says banks, specialised deposit-taking institutions and payment service providers recorded 16,733 fraud cases in 2024, up from 15,865 cases in 2023. The report covers attempted and successful fraudulent activities recorded from January to December 2024.Payment service providers were particularly exposed.According to an overview of the Bank of Ghana report by the Ghana Association of Banks, payment service providers recorded 15,673 fraud cases in 2024, representing a seven per cent rise from 2023. The value at risk in the sector increased by 18 per cent to about GH¢19 million.For Dr Antwi-Boasiako, the issue must be understood as part of a wider cybercrime economy where criminals make calculated decisions. He said fraudsters do not act blindly.“The environment is full of these actors, but what they have in common is intent. Fraud is a deliberate and calculated activity. In criminology, we refer to rational choice theory. Criminals are not stupid. They make calculated decisions based on clear goals. They act when the chance of detection is low, and the reward is high.”The e-Crime Bureau chair said the internet gives criminals cover, while digital payment systems can make it easier for them to gain quick financial benefit. He added that weak enforcement can deepen the problem.“The internet provides a kind of cover. There is also the element of reward. If I am able to deceive you into sending money to my mobile money account, I can quickly withdraw it. There is instant financial benefit to the criminal. They also act when they believe detection and deterrence are almost non-existent. When enforcement is weak, from investigation and prosecution standpoints, they take advantage of that,” he indicated.The Bank of Ghana’s 2024 fraud report directed banks, specialised deposit-taking institutions and payment service providers to strengthen fraud-prevention controls. Payment service providers were asked to strengthen authentication, introduce customer-behaviour monitoring technologies, educate customers, and improve the monitoring and training of mobile money agents.But Dr Antwi-Boasiako said enforcement alone will not solve the problem because cybercrime cases are complex and difficult to prosecute at scale.“Law enforcement is important, but you cannot investigate and prosecute every cybercrime case successfully. Even if the state successfully investigates and prosecutes five per cent of reported cases, that would be significant because these crimes are complex. That is why prevention is critical. If you prevent the crime, you save citizens from loss and allow law enforcement to focus limited resources on cases they can pursue successfully,” he said.Dr Antwi-Boasiako said the risk will become even more complex as artificial intelligence gives cybercriminals new tools. He said AI is likely to make attacks more complex and harder to detect.For businesses, he said cyber protection can no longer be treated as optional. He warned that cyberattacks have become a serious survival risk for digital businesses.