41 illegal forex traders busted!…in joint police, BoG crackdown

Forty-one people involved in illegal foreign exchange trading (Blackmarket) have been busted by the Criminal Investigation Department (CID) of the Ghana Police Service, in a joint operation with the Bank of Ghana (BoG) in various parts of Accra.

The exercise formed part of a nationwide clampdown aimed at sanitising the forex market, safeguarding economic stability and ensuring full compliance with Ghana’s financial laws.

Briefing journalists at the CID Headquarters in Accra, the Director General of CID, COP Lydia Yaako Donkor, said the operation followed “actionable intelligence” that identified Tudu, Circle, Airport and Osu as persistent hotspots for unauthorised forex trade.

According to her, the operation began in the early hours of Tuesday, when a combined team from the CID’s Operations Unit and the Central Bank swooped on the targeted locations. A total of 29 suspects, comprising Togolese, Beninois, Nigerians and Ghanaians were arrested.

The team, she said, retrieved cash comprising GH¢1,266,770, CFA100,000, and 3,383,570 Naira (including 1,266,770 Naira stored on a Money Points e-cash machine), as well as US$5,105.

She noted that about an hour later, the team returned to the same locations and arrested an additional 12 suspects, bringing the total number picked up to 41. She added that all monies seized had been secured and would be forwarded to the Bank of Ghana as investigations continue ahead of prosecution.

COP Yaako Donkor revealed that yesterday’s arrests follow an earlier operation conducted on November 20, 2025, at Osu Oxford Street and the Kwame Nkrumah Circle near GCB Bank, where 28 suspects were rounded up. She said the suspects, made up of both Ghanaians and foreign nationals, including Togolese, Beninese and Nigerians, were put before the Accra Circuit Court and granted police inquiry bail. Their cash exhibits were similarly secured and handed over to the Bank of Ghana.

She further explained that since the nationwide enforcement exercise began in August 2025, a total of 90 suspects had been arrested. Out of this number, 13 had been charged and put before the Accra Circuit Court.

She said all cash exhibits recovered since the start of the operation had been sent to the BoG for safekeeping as investigations continue.

On behalf of the Inspector-General of Police, Mr Christian Tettey Yohuno, the Director General of CID extended appreciation to the leadership of the Bank of Ghana for their consistent support, describing the collaboration as crucial to the success of the ongoing clampdown.

She cautioned individuals engaged in illegal forex trading to desist immediately, warning that offenders would be arrested and prosecuted. The public was also advised to conduct all foreign exchange transactions through licensed banks.

She emphasised that the operation was not limited to Accra, but being replicated nationwide as efforts intensify to eliminate illegal foreign exchange activities.

BY STEPHANIE BIRIKORANG

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