A joint national security task force has apprehended 13 individuals involved in illegal foreign exchange (forex) trading.
This move aims to curb the depreciation of the cedi and regulate forex trading in Ghana.
The task force, comprising personnel from the Ghana Police Service, the National Intelligence Bureau, and the National Fusion Center of the Ministry of National Security, conducted operations in Osu and Tudu, leading to the arrests and the seizure of various sums of money.
The amounts retrieved include $17,840, 1,450 Canadian Dollars, 515,000 Naira, CFA1, 167,000, GH₵419,685, €230, and 50 Egyptian pounds.
All suspects and exhibits have been handed over to the police for further investigation and prosecution.
This operation will be extended across the country in the coming days to help the Bank of Ghana regulate forex trading.
According to the Foreign Exchange Act, 2006 (Act 723), Section 3(1), “A person shall not engage in the business of dealing in foreign exchange without a license.”
Section 29 (1a) of the Act states that anyone engaging in forex trading without a license commits an offence and faces a fine of up to 700 penalty units or imprisonment of up to 18 months, or both.
Additionally, pricing, advertising, paying, or receiving payment for goods and services in foreign currency in Ghana is prohibited, with similar penalties for violations.
