41 arrested as crackdown on unlicensed forex traders leads to seizure of over GH¢1.2 million

Security agencies have arrested 41 individuals in a major crackdown on unlicensed foreign exchange trading in Accra. Authorities also seized cash and foreign currencies amounting to over GH¢1.2 million in the operation. The raids target illicit forex trading hubs accused of destabilising legitimate currency exchange regulation.

The joint operation conducted by law enforcement and financial regulators aimed to clamp down on informal forex markets operating outside regulatory oversight. Officials said unlicensed forex trading undermines currency stability and hampers the government’s efforts to curb illicit money flows.

Seized funds include Ghana cedis, major foreign currencies, and records suspected to belong to several unlicensed trading bureaus. The suspects are expected to face prosecution for violating financial laws, dealing in unlicensed currency exchange, and contributing to economic risks.

Authorities have called on citizens to transact only with licensed forex bureaus and warned that further operations will take place if illegal trading continues. The crackdown signals strong enforcement commitment towards regulating the forex market and protecting economic stability.