Ghana Intensifies Crackdown on Illegal Forex Trading, Arrests 41 in Accra
ACCRA – In a major coordinated operation, Ghana’s Criminal Investigation Department (CID) has arrested 41 individuals suspected of engaging in illegal foreign exchange trading. The arrests, which included nationals from Nigeria, Togo, Benin, and Ghana, were carried out in targeted raids across the capital, Accra.
The operation, conducted in partnership with the Bank of Ghana (BoG), forms a critical part of a nationwide drive to “sanitise” the foreign exchange market and enforce stringent financial regulations. During the raids, authorities seized a significant sum of cash in multiple currencies, totaling approximately $109,000.
A joint statement from the CID and the BoG confirmed that the suspects were operating without the required licenses from the central bank. “This operation is a clear demonstration of our resolve to enforce compliance in the forex market,” a senior official stated. “Unlicensed trading undermines the stability of the cedi and the broader financial system.”
The government has issued a stern warning that the crackdown will not be limited to Accra. Officials announced that operations will be extended to other regions, and all individuals found trading foreign exchange without BoG authorization will face arrest and prosecution.
This latest move highlights ongoing efforts by Ghanaian authorities to clamp down on black-market forex activities, which are often blamed for contributing to currency volatility. The public is being urged to conduct all foreign exchange transactions only with licensed institutions to avoid legal repercussions.
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