The Criminal Investigation Department (CID) in Ghana has stepped up its crackdown on unlicensed foreign exchange trading, arresting dozens of suspects including Nigerians and seizing substantial sums of money in a coordinated operation across Accra.
At a press briefing in Accra on Tuesday, December 9, 2025, CID Director-General COP Lydia Yaako Donkor said the operation, carried out in partnership with the Bank of Ghana, targeted known forex hotspots including Tudu, Circle, the Airport enclave, and Cantonments.
The early morning raid led to the arrest of 29 individuals involved in illegal forex trading, comprising Ghanaians, Nigerians, Togolese, and Beninese. A second sweep an hour later netted an additional 12 suspects, bringing the total arrests for the day to 41.
Police also recovered significant amounts of cash in various currencies, including GH¢1,266,770, 100,000 CFA francs, 3,383,570 Nigerian naira (including 1,266,770 naira held as e-cash on a Moneypoint machine), and $5,105. COP Donkor confirmed that all cash exhibits have been secured and will be handed over to the Bank of Ghana for safekeeping while investigations continue. The suspects will subsequently be charged in court.
This week’s arrests follow similar operations earlier this year. On November 20, 2025, a raid at Osu Oxford Street and the Kwame Nkrumah Circle area resulted in 28 arrests, with those suspects later granted police enquiry bail by the Accra Circuit Court. Since the nationwide exercise began in August 2025, a total of 90 suspects have been arrested, with 13 already charged and brought before court.
Describing the enforcement as part of a broader national effort to clean up Ghana’s forex market, COP Donkor reaffirmed that operations would continue with increased intensity. She thanked the Bank of Ghana for its collaboration and issued a stern warning to unlicensed forex dealers: “All individuals involved in illegal trading must desist. Offenders will be arrested and prosecuted. We advise the public to conduct all forex transactions through licensed banks.”
She further stressed that the crackdown will extend beyond Accra. Unauthorised forex dealers risk arrest if they fail to obtain a Bank of Ghana licence, with police continuing to enforce compliance across all regions.
