Thousands of forex seized by Ghanaian authorities in major exchange crackdown

A major joint operation by the Criminal Investigations Department (CID) of the Ghana Police Service and the Bank of Ghana (BoG) has resulted in the arrest of 41 persons and the seizure of substantial sums of money from illegal foreign exchange traders, popularly known as black market forex dealers, in parts of Accra.

The swoops, carried out simultaneously on Tuesday, December 9, 2025, targeted known hotspots for illicit trading, including Tudu, Circle Airport, and Osu. Director-General of CID, Ms. Lydia Yaako Donkor, confirmed the massive cash recovery while addressing journalists at the CID headquarters, stating that the seized cash exhibits included GH¢1,266,770 in Ghana Cedis, US$5,105 in US Dollars, 3,383,570 Nigerian Naira (₦), and 100,000 CFA Francs.

Ms. Donkor specifically noted that the Naira amount included ₦1,266,770 in e-cash found on a Money Points machine. She further indicated that all seized cash exhibits have been secured and forwarded to the Bank of Ghana for safekeeping while investigations continue, with the arrested suspects expected to be arraigned in court soon.

The operation was executed in two phases: an initial raid successfully netted 29 suspects, comprising Ghanaians and foreign nationals from Togo, Benin, and Nigeria, and a follow-up operation about an hour later led to the arrest of 12 more persons, bringing the day’s total to 41.

Ms. Donkor emphasized that this operation forms part of an intensified nationwide campaign against illegal forex trading that began in August 2025. Since the campaign’s inception, a total of 90 persons have been arrested in similar raids, with thirteen of them already formally charged and facing trial at the Accra Circuit Court.

She also recalled a previous raid on November 20, 2025, at Osu Oxford Street and Kwame Nkrumah Circle, which resulted in 28 arrests, whose suspects were granted police inquiry bail after appearing before the Circuit Court.

Speaking on behalf of the Inspector-General of Police, Mr. Christian Tetteh Yohuno, Ms. Donkor commended the Bank of Ghana for its continued support, describing the partnership as key to the success of the ongoing crackdown.

She issued a strong warning to individuals still engaging in the practice, urging them to desist immediately, stressing that anyone caught will be arrested and prosecuted. The public, she concluded, has been advised to conduct all foreign exchange transactions only through authorised banks and licensed forex bureaus to ensure the legality and integrity of financial dealings.