Criminal Investigation Department (CID) of the Ghana Police Service, in coordination with the Bank of Ghana (BoG), has arrested 41 individuals suspected of engaging in unauthorised foreign-exchange trading on Tuesday, December 9, 2025.
The arrests followed intelligence-led raids targeting several known “black-market” forex hotspots across the capital — including Tudu, Circle, Airport, and Osu.
During the operation, law enforcement recovered substantial amounts of cash in multiple currencies: over GHC1.2 million in Ghana cedis, 100,000 CFA francs, more than 3.3 million Nigerian naira (including naira held electronically on a money transfer machine), and about US$5,105.
The arrested individuals include both Ghanaians and foreigners from neighbouring countries such as Togo, Benin, and Nigeria, highlighting the cross-border nature of these illicit forex operations.
Officials say this is not the first raid. According to the CID, the latest arrests bring the total number of suspects detained since August 2025 to 90. Of those, 13 have already been formally charged and taken before the Accra Circuit Court.
A similar operation on November 20 targeted forex trading at Osu Oxford Street and Kwame Nkrumah Circle, netting 28 suspects — most of whom were later granted police enquiry bail.
The authorities say the crackdown is part of a nationwide campaign to sanitize the forex market, protect the integrity of the financial system, and curb activities that undermine economic stability.
At a press briefing, CID Director-General Lydia Yaako Donkor warned that individuals involved in unauthorised forex trading, sometimes referred to locally as “Abokyi” forex traders, will face arrest and prosecution. She urged members of the public to always transact through licensed forex bureaus, as authorised by the Bank of Ghana.
The authorities further emphasized that all seized funds have been secured and handed over to the Bank of Ghana for safekeeping while investigations continue. Suspects will soon be charged and arraigned in court
