CID, Bank of Ghana arrest 27 in major crackdown on illegal forex trading in Accra

The Criminal Investigation Department (CID), in partnership with the Bank of Ghana, has announced the arrest of 27 individuals in a coordinated operation targeting illegal foreign exchange trading hotspots across Accra.

The announcement was made on Tuesday, 9 December 2025, during a press briefing at the CID Headquarters, led by COP Lydia Yaako Donkor, Director-General of the Criminal Investigations Department.

COP Donkor explained that the exercise forms part of a nationwide enforcement campaign that began in August 2025 to sanitise Ghana’s foreign exchange market, curb illicit currency trading and safeguard the country’s economic stability.

According to her, a joint CID–Bank of Ghana team moved in at dawn on Tuesday following actionable intelligence.

The operation focused on long-noted hubs for unauthorized forex trading—Tudu, Circle, Airport, and Osu.

In all, 27 suspects—comprising Togolese, Beninese, Nigeriens and Ghanaian nationals—were picked up. The team also seized substantial amounts of cash in multiple currencies:

GHS 1,266,770

CFA 100,000

₦3,383,570, including ₦1,266,770 intercepted through an electronic money point system

US$985

COP Donkor confirmed that all seized funds have been secured and will be transferred to the Bank of Ghana for safekeeping while investigations continue ahead of prosecution.

The CID Chief also disclosed that Tuesday’s arrests follow a similar swoop on 20 November 2025 at Osu Oxford Street and Kwame Nkrumah Circle.

That operation netted 28 suspects, both Ghanaians and foreign nationals, who were subsequently arraigned and granted police enquiry bail.

Cash in local and foreign denominations seized during that exercise was also handed over to the Bank of Ghana.

COP Donkor, speaking on behalf of the Inspector-General of Police, Mr. Christian Tetteh-Yohuno, commended the Bank of Ghana’s leadership for what she described as steadfast and invaluable collaboration.

She issued a stern warning to individuals engaged in unauthorized forex trading: “We urge all persons involved in this illegal trade to desist. Offenders will be arrested and prosecuted.”

She emphasized that the Ghana Police Service will continue deepening its cooperation with the central bank as part of intensified national measures to stamp out illegal currency trading.

Story by: Joshua Kwabena Smith