41 arrested in major operation to crackdown on unlicensed forex traders; over GH¢1.2m seized
The Criminal Investigation Department (CID) has escalated its crackdown on unauthorized foreign exchange dealings, arresting a significant number of individuals and confiscating substantial amounts of money.
At a news conference in Accra on Tuesday, December 9, CID Director-General, COP Lydia Yaako Donkor, revealed the details of the most recent operation conducted in conjunction with the Bank of Ghana.
On Tuesday, December 9, 2025, she said that the unified squad targeted identified hotspots, including Tudu, Circle, the Airport area, and Cantonments.
She pointed out that the exercise began early in the morning, with 29 individuals involved in illicit forex trading taken into custody.
“In total, 29 suspects, including Togolese, Beninois, Nigerians, and Ghanaians, were arrested,” she told journalists.
About an hour later, a second round of operations conducted led to the arrest of additional 12 suspects, bringing the number of persons arrested to 41.
Large volumes of cash in multiple foreign currencies were seized. COP Donkor indicated that the amounts retrieved included GH¢1,266,770 in Ghana cedis, 100,000 CFA francs, 3,383,570 Nigerian naira (including 1,266,770 naira held as e-cash on a Moneypoint machine), and $5,105.
She added, “All cash exhibits have been secured and will be forwarded to the Bank of Ghana for safekeeping as investigations continue, after which the suspects will be charged and put before the court.”
The arrests this week come after similar police operations earlier this year.
According to COP Donkor, 28 people were arrested during an operation conducted along Osu Oxford Street and the Kwame Nkrumah Circle enclave on November 20, 2025.
The Accra Circuit Court subsequently granted police inquiry bail to those individuals.
Since the nationwide exercise began in August 2025, she said, “In all, a total of 90 suspects have so far been arrested… Out of this number, 13 have been charged and brought before the Accra Circuit Court.”
COP Donkor reiterated that enforcement would carry on with more intensity as part of national efforts to sanitise Ghana’s foreign exchange market.
She warned unlicensed forex traders and thanked the Bank of Ghana for their cooperation.
“We also urge all individuals involved in this illegal trade to desist, as offenders will be arrested and prosecuted. We further advise the general public to deal with the banks for all their forex transactions,” she cautioned.
She stressed that the crackdown would not stop in the capital. She cautioned that unlicensed foreign currency dealers who don’t get a Bank of Ghana licence run the risk of being arrested.
