CID Cracks Down on Forex Fraud: 41 arrested, over GH¢1.2M seized in Accra operation

Christopher Sededzi Kwame 14:54 - 10 December 2025

CID Director-General COP Lydia Yaako Donkor

The Criminal Investigation Department (CID) has stepped up its efforts against unlicensed foreign exchange trading, arresting dozens of suspects and seizing substantial amounts of money in a coordinated operation across Accra.

CID Director-General COP Lydia Yaako Donkor provided details of the latest operation, which was conducted in collaboration with the Bank of Ghana. She explained that the joint team focused on well-known forex hotspots, including Tudu, Circle, the Airport enclave, and Cantonments, at a press briefing in Accra on Tuesday, December 9, 2025

According to COP Donkor, the exercise began early in the morning with the arrest of 29 individuals engaged in illegal forex trading.

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In total, 29 suspects, including Togolese, Beninois, Nigerians and Ghanaians, were arrested.

A second round of operations, carried out about an hour later, led to the arrest of an additional 12 suspects, bringing the total for the day to 41.

The police also recovered large sums of cash in multiple currencies. COP Donkor detailed the seizures: GH¢1,266,770 in Ghanaian cedi, 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.

All cash exhibits have been secured and will be forwarded to the Bank of Ghana for safekeeping as investigations continue, after which the suspects will be charged and put before the court.

This latest operation follows similar enforcement actions earlier in the year. COP Donkor revealed that on November 20, 2025, a raid at Osu Oxford Street and Kwame Nkrumah Circle resulted in 28 arrests, with those suspects later granted police enquiry bail by the Accra Circuit Court.

Since the nationwide crackdown began in August 2025, a total of 90 suspects have been arrested, she added, noting that 13 have been charged and brought before the Accra Circuit Court.

Describing the operations as part of a broader campaign to sanitise Ghana’s forex sector, COP Donkor warned that enforcement would continue with increased intensity.

Speaking on behalf of the Inspector-General of Police, Christian Tetteh Yohuno, she expressed gratitude to the Bank of Ghana for their collaboration and issued a stern warning to unlicensed traders.

We also urge all individuals involved in this illegal trade to desist, as offenders will be arrested and prosecuted. We further advise the general public to deal with the banks for all their forex transactions.

COP Donkor emphasised that the crackdown will not be limited to Accra. Unauthorised foreign exchange dealers who fail to obtain a Bank of Ghana licence risk arrest, and the police expect continued cooperation from the central bank as the enforcement extends across all regions.