A joint operation by national security task forces has led to the arrest of eight individuals engaged in illegal foreign exchange trading.
This brings to 21 the number of suspected illegal forex trader following the arrest of 13 individuals earlier in the month.
This is part of an ongoing effort by various security agencies to curb the depreciation of the Ghanaian cedi and regulate the forex market.
The operation, conducted by a joint task force comprising the Ghana Police Service, the National Intelligence Bureau, the National Fusion Center of the Ministry of National Security, the Financial Intelligence Center (FIC), the Bank of Ghana (BOG), the Ghana Immigration Service, and other security and intelligence agencies, took place in Osu, Tudu, Kwame Nkrumah Circle, and the Airport area.
The suspects include six foreign nationals and two Ghanaians. The operation also resulted in the seizure of GH¢156,074 and CFA5,000 from the suspects.
Two individuals, Abdulrahman Younoussa and Yakubu Mohammed, were arrested at Osu.
Upon arrest, a total of GH¢8,444 and CFA5,000 were found on them.
Abdul Razak Abdul Karim was also arrested at Tudu, where GH¢30,050 was retrieved from him.
At Circle, the task force arrested Nasil Nuhu and Abdul Waheed and retrieved GH¢18,495 from them.
The other suspects include Zakari Suley, who was arrested at Circle with GH¢40,520, and Abdulai Karim, alias Nii Tettey Addo, and Sani Iddrisu Mohammed, who were both arrested at the Airport area, with GH¢18,445 and GH¢40,120 retrieved from them, respectively.
The illegal forex traders have since been handed over to the appropriate security agencies for further processing before being taken to court.
Section 3(1) of the Foreign Exchange Act, 2006 (Act 723) prohibits individuals from dealing in foreign exchange without a license.
The Act prescribes punishment for those involved in illegal forex trading under Section 29 (1a), which states that anyone engaging in forex trading without a license commits an offense and may face a fine of up to 700 penalty units or imprisonment for 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.
