A joint operation by the Criminal Investigation Department’s Operations Unit and the Bank of Ghana has led to the arrest of 41 people involved in illegal foreign exchange trading across multiple hotspots in Accra. The December 9 sweep targeted Tudu, Kwame Nkrumah Circle, Airport, and Osu, authorities said Tuesday.
The suspects, a mix of Ghanaians, Togolese, Beninese and Nigeriens were detained after officers seized large sums of cash believed to be linked to unlicensed currency trading. Police reported recovering GHS 1,266,770, CFA 100,100,000, NGN 3,383,383,570 (including over NGN 1.2 million in electronic cash), and USD 5,105.
The crackdown follows an earlier operation on November 20 at Osu Oxford Street and Kwame Nkrumah Circle, which resulted in the arrest of 28 people. Those suspects were granted police inquiry bail pending completion of investigations. Authorities say multiple currencies were seized during that round of arrests as well.
Since the nationwide enforcement effort began in August 2025, 90 suspects have been arrested. Thirteen have already been charged and brought before the Accra Circuit Court, while the remaining cases are still under investigation.
Police say all cash exhibits from the operations have been secured and transferred to the Bank of Ghana for safekeeping. The 41 suspects arrested last week are currently being processed for court.
In a statement, the Ghana Police Service urged individuals and businesses engaged in currency trading to obtain proper licenses or risk prosecution. The public was also advised to transact foreign exchange only through authorized banks and accredited financial institutions.
The Police Service expressed appreciation to the Bank of Ghana for its continued collaboration and pledged deeper cooperation as authorities work to eliminate the illegal forex market, which officials say poses risks to financial stability.
The statement was signed by Chief Inspector Brigitte Babanawo, Public Relations Officer for the Criminal Investigation Department.