Accra, Dec. 10, – A coordinated operation by the Criminal Investigations Department (CID) of the Ghana Police Service and the Bank of Ghana (BoG) has led to the arrest of 41 suspects in Accra as part of an intensified clampdown on unauthorised foreign exchange trading.
The exercise is part of a nationwide enforcement campaign aimed at sanitising the forex market, strengthening economic stability, and ensuring compliance with Ghana’s financial regulations.
Commissioner of Police (COP) Lydia Yaako Donkor, Director-General of the CID, said in a briefing that the first swoop resulted in 29 arrests, including suspects of Togolese, Beninese, Nigerian, and Ghanaian nationality.
A follow-up operation an hour later apprehended an additional 12 suspects, bringing the total to 41.
According to COP Donkor, the operations targeted known forex hotspots such as Tudu, Circle, Airport, and Osu, based on sustained intelligence by the CID Operations Unit and the BoG.
The team recovered assorted currencies believed to be proceeds from unlicensed trading, including GH₵1,266,770, 100,000 CFA, ₦3,383,570, ₦1,266,770 held as e-cash on a Money Point device, and US$5,105. The seized funds have been secured and forwarded to the BoG pending prosecution.
COP Donkor recalled that a similar operation on November 20, 2025, around Osu Oxford Street and Kwame Nkrumah Circle, led to 28 arrests, with suspects granted police inquiry bail and awaiting trial.
She noted that since the nationwide enforcement exercise began in August 2025, a total of 90 suspects have been arrested, with 13 already arraigned in court.
The CID Director-General emphasised that the police are not against forex trading, but are committed to stopping individuals operating without BoG authorisation. She urged those interested in forex activities to obtain the necessary licence before engaging in the business.
“The Police have cautioned all persons involved in illegal forex operations to desist immediately. Once we find you and it is illegal, we will take action,” she said.
Members of the public were advised to conduct all forex transactions through licensed banks and approved institutions.
COP Donkor expressed gratitude to the Bank of Ghana for its continued collaboration, adding that the joint enforcement operations will continue nationwide to protect Ghana’s financial ecosystem.
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