The exercise, which involved the Criminal Investigation Department (CID) and the Bank of Ghana, targeted areas where illegal currency trading is known to be common.
During a briefing after the operation, the Director General of the CID, COP Lydia Donkor, explained that officers seized significant amounts of cash in different currencies.
During a briefing after the operation, the Director General of the CID, COP Lydia Donkor, explained that officers seized significant amounts of cash in different currencies.
According to her, investigators recovered more than USD 5,000, over GHS 1 million, CFA 100,000, and more than ₦3 million.
These amounts were found on various suspects who were believed to be conducting unregistered forex business.
The swoop took place on Tuesday, December 9, and covered well-known trading points such as Osu, Circle, Airport, and Tudu.
The swoop took place on Tuesday, December 9, and covered well-known trading points such as Osu, Circle, Airport, and Tudu.
These areas have become hotspots for illegal currency exchange, with traders operating without licenses and often manipulating rates for personal gain.
COP Donkor said the arrests form part of a wider national campaign that began in August aimed at tackling unlawful forex trading.
COP Donkor said the arrests form part of a wider national campaign that began in August aimed at tackling unlawful forex trading.
Since the start of the campaign, 90 individuals have been picked up by authorities. Out of that number, 13 have already been formally charged, while investigations continue into the other cases.
The latest group of suspects includes both Ghanaians and foreign nationals. Officers identified traders from countries such as Togo, Niger, and Benin.
The latest group of suspects includes both Ghanaians and foreign nationals. Officers identified traders from countries such as Togo, Niger, and Benin.
Their involvement highlights how illegal forex trading networks have grown across borders and continue to affect the stability of Ghana’s financial system.
According to security officials, illegal forex markets cause serious problems for the country. These traders often operate without proper documentation and offer unregulated exchange rates that influence overall currency stability.
According to security officials, illegal forex markets cause serious problems for the country. These traders often operate without proper documentation and offer unregulated exchange rates that influence overall currency stability.
Such activities can contribute to inflation, weaken public confidence in the financial sector, and make it more difficult for authorities to manage economic policies.
The Bank of Ghana has been working closely with security agencies to clamp down on the issue.
The Bank of Ghana has been working closely with security agencies to clamp down on the issue.
Officials say the collaboration is necessary because illegal forex trading has become increasingly organised, with some traders reportedly using secret communication channels and hidden locations to avoid detection.
The central bank believes that stronger enforcement will help improve control over currency movements and protect the cedi from unnecessary pressure.
COP Donkor stressed that the operation is not just about arrests but about sending a clear message to those engaged in the practice.
COP Donkor stressed that the operation is not just about arrests but about sending a clear message to those engaged in the practice.
She urged anyone involved in foreign exchange trading to register properly and follow national regulations.
She added that the police will continue monitoring known hotspots and will not hesitate to take further action.
Residents in some of the targeted areas say they hope the operation will help reduce the influence of unlicensed traders.
Residents in some of the targeted areas say they hope the operation will help reduce the influence of unlicensed traders.
Some local business owners have complained that illegal forex dealers distort prices and make it difficult for legitimate operators to survive.
Others expressed concern that the presence of these traders sometimes attracts criminal activity.
Meanwhile, the suspects arrested on Tuesday will be processed for investigations. Authorities say they will examine how each individual got involved, the scale of their operations, and whether they are linked to larger networks operating within or outside Ghana.
The crackdown shows that security agencies are taking financial crimes more seriously, especially at a time when the country is working to stabilise its economy.
Meanwhile, the suspects arrested on Tuesday will be processed for investigations. Authorities say they will examine how each individual got involved, the scale of their operations, and whether they are linked to larger networks operating within or outside Ghana.
The crackdown shows that security agencies are taking financial crimes more seriously, especially at a time when the country is working to stabilise its economy.
With more operations expected in the coming weeks, officials are hopeful that illegal forex markets will gradually decline.