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The Criminal Investigation Department (CID) of the Ghana Police Service has arrested 41 individuals and seized more than GH¢1.2 million in cash during a major clampdown on illegal foreign exchange trading known locally as the ‘Abokyi’ business. The operation, which was conducted in collaboration with the Bank of Ghana, targeted several hotspots across Accra on Tuesday, December 9, 2025.
According to CID Director-General COP Lydia Yaako Donkor, the operation was informed by intelligence that identified areas such as Tudu, Kwame Nkrumah Circle, the Airport enclave, and Cantonments as key locations where unlicensed forex trading was thriving. She explained at a press briefing that the first phase of the exercise, carried out in the early hours of Tuesday, led to the arrest of 29 suspects made up of Nigerians, Togolese, Beninois, and Ghanaians. A follow-up raid an hour later resulted in the arrest of 12 additional suspects believed to be involved in the same illegal activities.
A significant amount of money was also seized during the swoop. The police recovered GH¢1,266,770 in Ghana cedis, 100,000 CFA francs, 3,383,570 Nigerian naira including 1,266,770 naira stored as e-cash on a Moneypoint machine, and US$5,105. The CID confirmed that all the cash exhibits have been secured and will be forwarded to the Bank of Ghana for safekeeping while investigations continue.
COP Donkor noted that the latest arrests add to similar operations previously undertaken by the police. On November 20, 2025, a swoop at Osu Oxford Street and the Kwame Nkrumah Circle near the GCB Bank resulted in 28 arrests, with those suspects granted police enquiry bail by the Accra Circuit Court. This brings the total number of arrests since the nationwide crackdown began in August 2025 to 90, out of which 13 have already been charged and brought before the Accra Circuit Court.
She explained that the nationwide exercise is part of efforts to sanitize the foreign exchange market, curb illegal currency trading, and ensure that the sector operates in line with regulations set by the Bank of Ghana. She warned that individuals who continue to engage in unlicensed forex activities will be arrested and prosecuted. According to her, the Bank of Ghana’s support has been crucial in carrying out these operations and will be sustained as the crackdown expands to other regions.
Speaking on behalf of the Inspector-General of Police, Christian Tetteh Yohuno, COP Donkor urged the public to desist from engaging with unlicensed forex traders and to conduct all foreign currency transactions through banks. She also advised those who wish to operate lawful forex businesses to secure the necessary licences from the Bank of Ghana.
The police say investigations are ongoing, and the suspects arrested on Tuesday will be processed for court once preliminary inquiries are completed. The Ghana Police Service maintains that it will continue to collaborate with the Bank of Ghana to ensure strict enforcement of financial regulations and restore order to the forex trading space.
