Eight individuals engaged in illegal forex trading, also known as Black Market, have been apprehended, following a joint operation by national security task forces.
The arrests were made on Thursday, August 15, 2024 during the joint operation that took place in Osu, Tudu, Kwame Nkrumah Circle and the Airport area.
Information available to this paper indicates that the illegal forex traders have since been handed over to the appropriate security agencies for further processing before being taken to court.
The eight 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¢8,444.00 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¢40,520.00 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.
TASKFORCE
The operation carried out was part of an ongoing effort by various security agencies to curb the depreciation of the Ghanaian cedi and regulate the forex market.
The swoop was 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.
THE LAW
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.
NEW REGULATION
The Bank of Ghana (BoG) has announced that effective August 1, 2024 all licensed Foreign Exchange Bureaux will be required to demand the Ghana Card of customers before transacting business with any person.
The directive followed the launch of a centralised foreign exchange trading platform, in line with its objective to ensure the integrity and development of the financial system.
“Effective August 1, 2024 all licensed Foreign Exchange Bureaux will be required to use this platform for the buying and selling of foreign currencies.
“This initiative marks a milestone in the Bank’s efforts to ensure safe and sound operations of the foreign exchange business,” a statement from the BoG said.
The statement added that the platform has been integrated with the National Identification System to ensure all purchases and sales of foreign currencies are performed by verified individuals.
This, it said, will also be integrated with the national payment platform to support electronic payments and the receipt of Ghana Cedis for foreign currency transactions at bureaux.
“The public is reminded that the buying and selling of foreign currencies shall only be conducted with Bank of Ghana licensed foreign currencies dealers,” the statement concluded.
