The CEO of the Ghana Association of Bankers, John Awuah, has opened up about the importance of lifestyle audits as a key preventive measure in Ghana's banking industry.
Banks, he stated in an interview on Joy News' PM Express Business Edition, are increasingly vigilant about monitoring staff's lifestyle changes to detect any signs of fraud or illicit income sources.
Drawing on a personal experience, John Awuah recounted, "I remember 22 years ago, working with Standard Chartered Bank, I bought a car, and HR contacted me, asking how I could afford it without a staff loan. "They needed assurance that my income could support such a purchase." He believes such inquiries serve as a deterrent, signalling to employees that financial transparency is essential to maintaining integrity.
Mr Awuah explained that lifestyle audits are not intrusive but act as a safeguard. "When HR attends your wedding or other significant events, they're there to see if the scale aligns with your financial capacity," he noted, underscoring that these audits help identify any mismatch between an employee's lifestyle and their income. "It's not an intrusive review, but a check to ensure transparency and accountability," he clarified.