CID and BoG arrest 41 in Accra crackdown on illegal forex trading

The Director-General of the Criminal Investigation Department (CID) of the Ghana Police Service (GPS), Madam Yaako Donkor, has disclosed that security agencies have intensified a crackdown on unauthorised foreign exchange trading hotspots across Accra.

The intelligence-led operation, carried out in collaboration with the Bank of Ghana (BoG), targeted key areas including Tudu, Kwame Nkrumah Circle, Airport and Osu.

“A total of 41 suspects, comprising both Ghanaians and foreign nationals, were arrested for engaging in unauthorised foreign exchange trading,” Madam Donkor told journalists.

She urged members of the public to conduct foreign exchange transactions only through licensed banks and approved financial institutions.

Madam Donkor was speaking to the media at the CID Headquarters in Accra, alongside officials of the central bank, as she outlined ongoing efforts to clamp down on illegal forex activities within the capital.

The operation comes at a crucial time, as the festive season ushers thousands of tourists and returning Ghanaians into the country, many of whom rely on forex services during their stay.

The CID's operation acknowledges that patronising illegal forex operators exposes individuals to fraud and other financial risks. Ensuring that foreign exchange transactions are conducted legally will help protect visitors, promote financial discipline, and enhance Ghana’s image as a safe and reputable destination under the popular December in GH campaign.

The CID boss reaffirmed the police service’s commitment to working closely with regulatory institutions to sustain the fight against illegal forex trading and safeguard the integrity of Ghana’s financial system.