CID arrests 41 in latest crackdown on illegal forex trading
The Criminal Investigation Department (CID) has stepped up its nationwide crackdown on unlicensed foreign exchange trading, arresting dozens of suspects and seizing large sums of cash during coordinated raids across Accra.
Addressing journalists on Tuesday, December 9, CID Director-General COP Lydia Yaako Donkor said the latest operation, conducted in collaboration with the Bank of Ghana, targeted major forex hotspots at Tudu, Circle, the Airport enclave and Cantonments.
She said the exercise began at dawn and resulted in the arrest of 29 people engaged in illegal forex trading.
“In total, 29 suspects, including Togolese, Beninois, Nigerians and Ghanaians, were arrested,” she told journalists. A second round of operations, conducted about an hour later, netted an additional 12 suspects, bringing the day’s total to 41.”
Large volumes of cash in multiple currencies were recovered, including GH¢1,266,770, 100,000 CFA francs, 3,383,570 Nigerian naira of which 1,266,770 naira was found on a Moneypoint machine and $5,105. COP Donkor said all the seized money will be secured and transferred to the Bank of Ghana as investigations proceed, after which the suspects will be charged and brought before court.
This week’s operation follows similar enforcement actions carried out earlier in the year. COP Donkor revealed that a November 20 swoop at Osu Oxford Street and the Kwame Nkrumah Circle enclave resulted in 28 arrests, with those suspects subsequently granted police enquiry bail by the Accra Circuit Court.
She said that since the nationwide exercise began in August 2025, “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.”
Describing the clampdown as part of a broader national effort to sanitise Ghana’s forex market, COP Donkor said enforcement will continue “with even greater intensity.”
Speaking on behalf of the Inspector-General of Police, Christian Tetteh Yohuno, she thanked the Bank of Ghana for its collaboration and cautioned unlicensed traders to stop the illegal activity or face arrest and prosecution.
“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 added that the exercise will extend beyond Accra, warning that foreign exchange dealers operating without a Bank of Ghana license risk being picked up as the campaign expands across the regions.
Comments (0)