Team of Police, BoG officials arrest 76 persons over illegal forex trade

A special operation by the police and officials of the Bank of Ghana (BoG) on Tuesday, arrested 76 persons for engaging in the illegal trade of foreign currencies within the Central Business District (CBD) of Accra. 

The suspects, mostly black market dealers are said to have carried out their operations without a licence from the Central Bank. 

“The purpose of the operation was to clamp down on individuals and entities engaging in the business of buying and selling foreign exchange without a licence from the Bank of Ghana in violation of Ghana’s Foreign Exchange Laws and regulations.

The general public must always trade with the Bank of Ghana licensed foreign exchange (forex) bureaux. Accordingly, the Anti-Money Laundering ACT, 2020 (Act 1044) as amended instructs all bureau customers to insist on their electronic receipts by providing the acceptable valid ID, the Ghana Card, to cover the buying and selling of all foreign currencies”, Adjoa Konadu Torto, Head of Forex Exchange Bureau at the BoG said. 

The actions she adds, are part of an overall strategy to sanitize the market. 

“The over 76 perpetrators were apprehended by the police for prosecution. The special operation will continue nationwide.”

Ms. Adjoa Konadu Torto also said other measures are being enforced. 

“Other measures being put in place include enforcement of compliance from licensed foreign exchange bureaux, particularly with the taking of customer identification (Ghana card) and issuance of electronic receipt for every forex transaction, intensified public sensitization and media engagements to educate the general public on forex rules and regulations, including the need to avoid the black market,” she told the press. 

The trading of forex is regulated by the Foreign Exchange Act, 2006 (Act 723). The Act gives the BoG authority to issue licenses to persons engaged in the business of dealing in foreign exchange.