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A joint operation conducted by National Security task forces has resulted in the arrest of eight individuals involved in illegal foreign exchange trading. The operation is part of an ongoing effort by various security agencies to curb the depreciation of the Ghanaian cedi and bring stability to the forex market.
The arrests took place in several key areas of Accra, including Osu, Tudu, Kwame Nkrumah Circle, and the Airport area. The operation was carried out by a task force comprising the Ghana Police Service, National Intelligence Bureau, National Fusion Centre of the Ministry of National Security, Financial Intelligence Centre (FIC), Bank of Ghana (BoG), Ghana Immigration Service, and other security and intelligence agencies.
Among those arrested are six foreign nationals and two Ghanaians. The operation also led to the seizure of GH¢156,074 and CFA5,000 from the suspects.
Specific arrests included Abdulrahman Younoussa and Yakubu Mohammed at Osu, where GH¢8,444 and CFA5,000 were found on them. Abdul Razak Abdul Karim was arrested at Tudu, with GH¢30,050 retrieved. At Circle, Nasil Nuhu and Abdul Waheed were apprehended with GH¢18,495, while Zakari Suley was arrested with GH¢40,520. The final arrests at the Airport area involved Abdulai Karim, alias Nii Tettey Addo, and Sani Iddrisu Mohammed, from whom GH¢18,445 and GH¢40,120 were seized, respectively.
The arrested individuals have been handed over to the relevant security agencies for further processing and will be prosecuted in accordance with the law.
The Foreign Exchange Act, 2006 (Act 723) strictly prohibits unlicensed forex trading, with violators facing penalties of up to 700 penalty units or imprisonment for up to 18 months, or both. Additionally, pricing and conducting transactions in foreign currency within Ghana without proper authorization is also prohibited under the Act, carrying similar penalties.
