Ghana Police and Central Bank Arrest 41 in Crackdown on Illegal Forex Trading

A joint enforcement 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 suspects across Accra as authorities intensify efforts to stamp out unauthorised forex trading.

CID Director-General and Commissioner of Police (COP) Lydia Yaako Donkor said the first raid led to the arrest of 29 suspects, including Togolese, Beninois, Nigerians and Ghanaians. A second operation, an hour later, netted 12 additional suspects, bringing the total to 41.

Acting on sustained intelligence, teams from the CID Operations Unit and the BoG targeted major illegal forex hotspots such as Tudu, Circle, Airport and Osu.

Authorities seized large sums believed to be proceeds of unlicensed trading, including GHC 1,266,770, 100,000 CFA, ¥43,383,570, ¥11,266,770 in e‑cash on a Money Point device, and US$5,105. All seized funds have been secured and handed over to the BoG pending prosecution.

COP Donkor disclosed that since the nationwide operation began in August 2025, a total of 90 suspects have been arrested, with 13 already arraigned.

She emphasised that the Police are not opposed to legitimate forex trading but will continue to pursue anyone operating without the required BoG authorisation.  She urged individuals to obtain the proper licence before conducting any forex-related business.

The Police Service further advised the public to conduct all forex transactions only through licensed banks and approved institutions.

In January, a 25‑year‑old Ghanaian forex trader was remanded by the Accra Circuit Court Nine for allegedly defrauding two victims of large sums.

BrokersView Reminder

Ghana does not currently issue licences for online forex/CFD brokerage. Only BoG‑licensed banks and authorised forex bureaux are legally permitted to deal in foreign exchange, not retail trading platforms.

Forex traders should avoid unlicensed platforms and verify legitimacy before engaging. If uncertain, you can ask a question on BrokersView for verification.