Police Arrest 41 in Joint Crackdown on Illegal Forex Trading

The Ghana Police Service, in collaboration with the Bank of Ghana (BoG), has arrested forty-one (41) suspects in a coordinated operation targeting illegal foreign exchange trading across parts of Accra.

The operation, conducted on December 9, 2025, by the Operations Unit of the Criminal Investigation Department (CID), covered major trading hubs including Tudu, Kwame Nkrumah Circle, Airport, and Osu. Those arrested include Ghanaians as well as nationals from Togo, Benin, and Niger.

During the exercise, police retrieved large sums of both local and foreign currencies. The cash recovered included GHS 1,266,770, CFA 100,000, NGN 3,383,570—with NGN 1,266,770 traced to an electronic money point machine (e-cash)—and USD 5,105.

This latest operation follows a similar enforcement exercise carried out on November 20, 2025, at Osu Oxford Street and Kwame Nkrumah Circle, which led to the arrest of twenty-eight (28) suspects. Those suspects were granted police inquiry bail while investigations continue, with various amounts of Ghana cedis and foreign currencies seized and secured.

Since the joint enforcement exercise began in August 2025, a total of ninety (90) suspects have been arrested nationwide. Out of this number, thirteen (13) suspects have so far been charged and arraigned before the Accra Circuit Court, while investigations into the remaining cases are ongoing.

All cash exhibits recovered during the operations have been secured and forwarded to the Bank of Ghana for safekeeping. The suspects are currently being processed for court.

The Ghana Police Service has cautioned individuals engaged in illegal foreign exchange trading to regularize their operations by obtaining the required licenses, warning that offenders will continue to be arrested and prosecuted. The public has also been advised to conduct all foreign exchange transactions only through licensed banks and authorized financial institutions.

The Police Service expressed its appreciation to the Bank of Ghana for its strong collaboration and support and noted that cooperation between the two institutions will be intensified to eliminate illegal foreign exchange activities across the country.