By Philip Antoh
A collaborative effort between the Ghana Police Service and the Bank of Ghana has resulted in the arrest of 41 people who were illegally running a foreign exchange business, commonly referred to as the ‘Black Market’, in Accra without the necessary license.
This operation is part of a broader initiative by both organizations aimed at cleaning up the foreign exchange market, fostering economic stability, and ensuring that all forex activities adhere to Ghana’s laws and regulations.
During a press conference at the Criminal Investigative Department (CID) in Accra, CID Director, COP Lydia Yaako Donkor announced that 90 individuals have been arrested in relation to the illegal Forex trade, with 13 formally charged while investigations continue for the others.
She stated that on Tuesday, December 9, 2025, a team from the CID operation unit, along with officials from the Bank of Ghana, conducted an operation based on intelligence at key hotspots in Accra, such as Tudu, Kwame Nkrumah Circle, Airport, and OSU, which have been identified as frequent sites for illegal Forex activities.
The initial coordinated operation resulted in the arrest of 29 suspects, including individuals from Togo, Benin, Nigeria, and Ghana. An hour later, a follow-up operation led to 12 additional arrests, bringing the total for that day to 41.
Authorities seized various currencies believed to be earnings from unlicensed money trading, including 1,266,770 Cedis, 100,000 CFA, 3,383,570 Naira, and 1,266,770 Naira stored as e-cash on a Money Point device, along with 5,105 dollars.
All confiscated currencies have been secured and sent to the Bank of Ghana for safekeeping until prosecution.
The CID also reported that a similar enforcement action on November 20, 2025, at Osu Oxford Street and Kwame Nkrumah Circle (near GCB) led to 28 arrests, with the suspects granted police inquiry bail and currently undergoing trial.
Since the nationwide operation commenced in August 2025, 90 suspects have been apprehended, with 13 already charged and presented before the Accra Circuit Court.
In response to questions from reporters, the CID explained that the people who were arrested were: “Illegal because they do not have a license from the Bank of Ghana to trade forex.”
The Police emphasized that anyone wanting to engage in this business must get the required authorization from the BoG. “We are not opposed to the trade. We are against those who operate outside the law.”
The Ghana Police Service called on everyone involved in illegal forex trading to cease immediately: “If we catch you and it is illegal; we will pursue you.”
The public has been advised to carry out all forex transactions through licensed banks and approved institutions.
On behalf of the Inspector-General of Police, Dr. Christian Tetteh Yohuno, the CID expressed gratitude to the Bank of Ghana for its ongoing partnership in maintaining the crackdown.
“These joint enforcement actions will continue across the country to safeguard the financial ecosystem.”