The Criminal Investigation Department (CID) of Ghana has intensified its fight against illegal foreign exchange trading, arresting 41 suspects and recovering over GH¢1.2 million in cash in Accra. Conducted in collaboration with the Bank of Ghana, the operation targeted high-risk areas including Tudu, Circle, the Airport area, and Cantonments on Tuesday, December 9, 2025.
Key Details of the Operation
According to CID Director-General, Commissioner of Police Lydia Yaako Donkor, the arrests followed intelligence-led operations by the CID and Bank of Ghana officials. The initial raid resulted in 29 arrests, with a follow-up operation bringing in 12 more suspects.
Authorities recovered a significant amount of cash across multiple currencies:
- GH¢1,266,770 in Ghana cedis
- 100,000 CFA francs
- 3,383,570 Nigerian naira (including GH¢1,266,770 held electronically via a Moneypoint machine)
- $5,105 USD
All funds are now with the Bank of Ghana while investigations continue, and the suspects are expected to face court charges.
What This Means for Businesses and Investors
Illegal forex trading often referred to locally as “Abokyi” trading can pose serious risks to businesses and investors:
- Legal Risks: Engaging with unlicensed forex traders can expose companies and individuals to prosecution.
- Financial Losses: Unregulated trading often comes with unstable rates and high chances of fraud.
- Economic Impact: Large-scale illegal trading undermines Ghana’s financial system and can affect legitimate businesses and investment planning.
COP Donkor emphasized that these operations are part of a nationwide effort to ensure compliance with Ghana’s foreign exchange laws. Since the crackdown began in August 2025, a total of 90 individuals have been arrested, with 13 already charged in court.
Guidance for Safe and Legal Forex Transactions
The Ghana Police Service, in collaboration with the Bank of Ghana, advises businesses and investors to:
- Use licensed banks for all foreign exchange transactions.
- Avoid unregulated forex traders, as they operate outside Ghana’s legal framework.
- Seek professional advice when engaging in large or cross-border forex transactions.
COP Donkor warned that the crackdown will expand beyond Accra, and any forex trading without a valid Bank of Ghana license could result in arrest.
Takeaway
This operation highlights Ghana’s commitment to maintaining a safe and transparent financial market. For businesses, investors, and individuals, the key takeaway is clear: conduct all foreign exchange transactions through licensed channels to safeguard your finances and ensure legal compliance.