Title: Ethical values and employee fraud in Ghanaian banking sector during COVID-19

Authors: Christine Avortri; Rebecca Attah; Emmanuel Appah

Addresses: Chartered Institute of Bankers, GA 4161-116, Trinity Avenue, Accra, Ghana ' Fenimore and Fisher College of Business, Oral Roberts University, 7777 S Lewis Ave, Tulsa, OK 74171, USA ' Edward Waters University, 1658 Kings Road, Jacksonville, FL 32209, USA

Abstract: We examined the types and motives of employee fraud and ethical values in Ghana during COVID-19 by employing the fraud diamond and pentagon fraud theories for the analysis. We collected data from 108 employees across 23 banks using questionnaires and analysed them using descriptive statistics and structural equation model (SEM). The findings reveal financial report fraud as the main fraud type, with opportunity and rationalisation as primary motives. The study also finds that strong ethical values in employees reduce the likelihood of fraud, even when presented with opportunities and under pressure, emphasising a vital link between ethics and employee fraud. The authors found no relationship between employee fraud and pressure during COVID-19.

Keywords: fraud diamond theory; pentagon fraud theory; employee fraud; banking sector; ethical values; Ghana; COVID-19.

DOI: 10.1504/AJAAF.2025.143559

African Journal of Accounting, Auditing and Finance, 2025 Vol.9 No.1, pp.79 - 98

Received: 02 Oct 2023
Accepted: 11 Jul 2024
Published online: 30 Dec 2024 *

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