The Bank of Ghana (BoG), in an effort to clamp down on illegal currency market operators or black market dealers to give the Cedi some stability against the major trading currencies, would be prosecuting close to 100 people.
So far, the BoG, through the assistance of the police, arrested these people at various market centres in Accra and the Kwame Nkrumah Circle, Tudu, and Zongo Lane.
At least about 16 of the accused persons were arraigned before two separate circuit courts last week Friday, November 11, for engaging in the business of dealing in the exchange of foreign currencies without license.
Currencies retrieved from six of the accused persons arrested at the Tudu were Cedis (¢), United States Dollars ($), Communauté Française Africaine (CFA), Naira (₦), and Saudi Arabia Riyal (SAR).
The total sum of each currency was GH¢104,791.2, US$300, CFA 40,000, ₦154,740, and one SRA.
However, no specific figure was quoted in respect of those arrested at Zongo Lane, but the court was informed that they were huge sums of money, which were retrieved from them.
The accused persons from Tudu were put before Circuit Court ‘7’, presided over by Ellen Ofei Aye, while the others from Zongo Lane were put before Circuit Court ‘4’, presided over by N. Quashie.
Only 16 accused persons were put before the court, because the prosecution was not successful with the allocation of the cases to the various courts, due to time constraint.
All of the nine accused persons pleaded not guilty to the count of engaging in the business of dealing in the exchange of foreign currencies without a licence before the Accra Circuit Court ‘4’.
The names of the accused (A) were Imran Mohammed (A1) Ibrahim Amidu (A2), Sali Samake (A3), Nuhu Iddrisu (A4), Mohammed Nakaba (A5), Mohammed Bashiru (A6), Halidu Inusah (A7), Abda Yacoubou (A8), and Ada Assouman Zilkifil (A9).
The facts of the case as presented by the presenting officer, Chief Inspector Isaac Anquandah, were that on November 10, 2022, a team of police personnel, in collaboration with officials of the Bank of Ghana, embarked on an intelligence-led operation to clamp down on the illegal activities of the forex trade business m Ghana.
The team went to Zongo Lane within the Accra business center and arrested the accused persons who were seriously transacting the business of exchanging currencies without a licence.
A search conducted on the accused persons revealed thousands of Ghana cedis and other foreign currencies on them.
Investigations revealed that the activities of the accused persons have led to shortages of foreign currencies in Ghana, thereby, comparing the Governor of the Bank of Ghana to collaborate with the security agencies to embark on this operation Investigation is ongoing.
The court, upon a prayer by the prosecution that the accused persons should be denied bail since investigations are still ongoing, remanded the accused persons into police custody and adjourned the next hearing to November 21, 2022.
Accra Circuit Court ‘7’
At circuit court 8, the accused persons -Mumuni Hamid, Yussif Abubakari, Seidu Alhassan, Shaibu Mukhtar, Mashawudu Zakari, Ibrahim Ali, and Faisal Fuseini – were all arrested at Tudu. They pleaded not guilty to the same offence as the others.
The case was presented by Inspector Isaac Babaye, with a similar account, who said on November 10, 2022, a team of police personnel in collaboration with the officials of the Bank of Ghana embarked on an intelligence-led operation to clamp down on illegal activities of forex trade business in Ghana.
Accordingly, the team went to Tudu within the Accra Business Benter and arrested the accused persons who were in the act of transacting the business of exchanging currencies.
However, investigations later disclosed that the accused persons were engaged in the practice of exchanging foreign money that was not licensed by the Central Bank.
A police search conducted on the accused persons revealed thousands of Ghana Cedis and other foreign currencies on some of them.
Unfortunately, it was said that some of the accused persons succeeded in passing on monies on them to their accomplices who fled with the same.
But monies were retrieved from the following accused persons – Mumuni Hamidu (A1), GH¢781.00, Yussif Abubakari (A2), GH¢14.9, and $200, Seidu Alhassan (A4), ₦75,000.00, Shaibu Mukhtar (A5), GH¢2,170.00 and ₦14,250 and Mashawudu Zakaria (A6) GH¢75.00 and one SAR, Ibrahim Ali (A7), GH¢11,373.00, CFA 40,000, ₦6,500 and $100.00, and Faisal Fuseini (A8), GH¢507.20.
The court was informed that the activities of the accused persons the period over the period adversely impacting on the forex exchange market of the country.
Furthermore, the investigation is ongoing as efforts are underway to apprehend the accused persons’ accomplices.
Led counsel for the accused persons, David Yaw Danquah’s application for bail was refused by the court and stated that the motion would be considered tomorrow, Tuesday, November 15.
Prior to the refusal of the application, the counsel argued that the accused persons have a permanent place of abode, they are responsible and not flight risk, and the maximum sentence they can serve on the charge is 700 penalty units each, in default of 17 months.
The case has been adjourned to Tuesday, November 15, 2022.
