The Criminal Investigations Department (CID) of the Ghana Police Service, in partnership with the Bank of Ghana (BoG), has intensified its clampdown on unauthorized foreign exchange trading, arresting 41 suspects in a targeted operation across Accra on Tuesday, December 9, 2025.
The joint exercise forms part of a nationwide enforcement campaign to sanitize the forex market, strengthen economic stability, and ensure compliance with Ghana’s financial regulations.
Dawn Operation at Hotspots
Acting on sustained intelligence, teams from the CID Operations Unit and the BoG swooped on major forex hotspots at Tudu, Circle, Airport and Osu.
The first coordinated swoop led to the arrest of 29 suspects, including Togolese, Beninois, Nigerians, and Ghanaians. An hour later, a follow-up operation led to 12 more arrests, bringing the total for the day to 41.
Cash Seized During the Raid
Authorities retrieved multiple currencies believed to be proceeds from unlicensed money trading: 1,266,770 Cedis, 100,000 CFA, 3,383,570 Naira, and 1,266,770 Naira held as e-cash on a Money Point device, and 5,105 dollars
All seized currencies have been secured and forwarded to the Bank of Ghana for safekeeping pending prosecution.
Repeat Offenders & Ongoing Court Cases
The CID revealed that a similar enforcement action on November 20, 2025, at Osu Oxford Street and Kwame Nkrumah Circle (near GCB) resulted in 28 arrests, with suspects granted police inquiry bail and currently facing trial.
Since the nationwide exercise began in August 2025, 90 suspects have been arrested. Thirteen (13) have already been charged and put before the Accra Circuit Court.
Why the Crackdown?
Addressing questions from journalists, the CID clarified that the individuals arrested were:“Illegal because they are not licensed by the Bank of Ghana to trade forex.”
The Police stressed that individuals interested in the business must obtain the necessary BoG authorisation. “We are not against the trade. We are against those operating outside the law.”
Message to Unlicensed Operators
The Ghana Police Service urged all persons involved in illegal forex trading to stop immediately: “Once we find you and it is illegal, we will come after you.”
The public has also been advised to conduct all forex transactions through licensed banks and approved institutions.
Collaboration with Bank of Ghana
On behalf of the Inspector-General of Police, Dr. Christian Tetteh Yohuno, the CID extended appreciation to the Bank of Ghana for its continued collaboration in sustaining the clampdown.
“These joint enforcement efforts will continue nationwide to protect the financial ecosystem.”
Source: paqmediagh/Peter Quao Adattor
