The Criminal Investigation Department (CID) of the Ghana Police Service and the Bank of Ghana (BoG) have announced a major joint operation that resulted in the arrest of 41 individuals suspected of engaging in illegal foreign exchange (forex) trading in Accra.
The arrests were made during a targeted operation on Tuesday, December 9, 2025, as part of a sustained, nationwide effort to stabilize the foreign exchange market and ensure compliance with the country’s financial laws and regulations.
Addressing the press at the CID headquarters, Director General Lydia Donkor detailed the morning’s activities. Acting on intelligence, a joint team from the CID Operations Unit and the Bank of Ghana conducted simultaneous swoops at identified hotspots, including Tudu, Circle Airport, and Osu. These areas were targeted for their consistent history as sites for unauthorized forex trading.
The initial sweep led to the arrest of 29 suspects, who included Ghanaian nationals as well as foreign nationals from Togo, Benin, and Nigeria. An hour later, a follow-up visit to the same locations resulted in the apprehension of 12 additional suspects, bringing the total for the day to 41.
Lydia Donkor confirmed that significant amounts of cash were seized; GH₵1,266,770 in Ghana Cedis, 100,000 CFA in CFA Francs, 3,383,570 Naira in Nigerian Naira (with 1,266,770 Naira identified as e-cash on a Money Points machine), and $5,105 in United States Dollars.
”All cash exhibits have been secured and will be forwarded to the Bank of Ghana for safekeeping as investigations continue,” she stated. “We intend to charge the suspects and put them before the courts eventually.”
The CID Director General highlighted that the December 9th operation is the latest in a series of enforcement actions that began in August 2025.
A similar operation was previously conducted on November 20, 2025, at Osu Oxford Streets and Kwame Nkrumah Circle, near GCB. That sweep led to the arrest of 28 suspects, both Ghanaians and foreign nationals, who were subsequently granted police inquiry bail after being put before the Circuit Court in Accra. Money seized in that operation also included Ghana Cedis and various foreign currencies.
In total, 90 suspects have been arrested since the joint CID-BoG operation commenced in August 2025. Of this number, 13 have already been formally charged and are currently before the Accra Circuit Court. All cash exhibits from all operations have been secured and forwarded to the Bank of Ghana for safekeeping as investigations continue.
Concluding her statement, Lydia Donkor, on behalf of the Inspector General of Police, Christian Tetteh Yohunu, expressed special appreciation to the leadership and officials of the Bank of Ghana for their unwavering support and collaboration, describing it as crucial to the success of the enforcement efforts.
The authorities issued a stern warning to the public, urging all individuals involved in this illegal trade to desist, as offenders will be arrested and prosecuted. They also advised the general public to deal exclusively with the banks for all their foreign exchange transactions.
The Ghana Police Service anticipates closer collaboration with the Bank of Ghana as efforts escalate to eliminate all forms of illegal foreign exchange activities within the country.
Eugenia Ewoenam Osei
