Business News of 2026-09-22
16 arrested in crackdown on counterfeit currency syndicates
Sixteen people, including Ghanaian and foreign nationals, have been arrested in a crackdown on organised counterfeit-currency syndicates operating in parts of the Greater Accra Region.
The arrests followed six intelligence-led operations conducted between June 12 and July 24, 2026, targeting groups allegedly involved in the production, possession and distribution of counterfeit local and foreign currencies.
In a statement released on Tuesday, September 22, 2026, the National Security Council Secretariat (NSCS) said the operations resulted in the seizure of four counterfeit-currency printing machines, six vehicles and two motorcycles allegedly used by the suspects.
Security operatives also recovered counterfeit notes valued at $543,000, GH¢196,600 and CFA60,000, which were allegedly ready for circulation.
The NSCS said it further seized counterfeit coupons awaiting processing and printing, including $5.29 million, GH¢19.55 million and CFA623.55 million.
According to the agency, the operations followed months of covert intelligence gathering into reports of counterfeit currency entering commercial centres, foreign exchange markets and financial networks.
The NSCS said the syndicates operated through structured networks involving technical printing operators, cross-border facilitators and commercial dispatch riders who allegedly transported the counterfeit currency to buyers.
In one operation targeting a transnational criminal group, seven suspects, comprising three Ghanaians and four foreign nationals, were arrested. Three vehicles and $65,900 in counterfeit notes were also seized.
At Amuzu, a suburb of Kasoa, security operatives arrested one suspect and recovered a currency printing machine, fake gold bars, mobile phones and quantities of counterfeit currency.
Five other suspects were arrested during an operation in Lashibi and Klagon, where investigators reportedly discovered printing equipment and a storage facility containing counterfeit-currency materials.
At Lakeside Estate, another operation led to the arrest of a suspected distributor and the seizure of five boxes of counterfeit GH¢200 notes with an estimated face value of GH¢12.42 million. Two motorcycles were also seized.
The NSCS said some of the syndicates allegedly used religious and administrative premises as cover for printing and storing counterfeit currency.
It said all 16 suspects had been remanded into state custody, while case dockets had been submitted to the Office of the Attorney General and Ministry of Justice.
Prosecution proceedings are ongoing at the Accra High Court, with security agencies continuing efforts to locate other suspects identified during the investigations.
The NSCS added that processes had begun to seek the forfeiture of vehicles, printing equipment and mobile devices allegedly used in the operations.
The agency urged financial institutions, property owners and administrators of religious facilities to remain vigilant and report suspicious high-volume printing activities and unusual foreign-currency transactions to security agencies.
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