76 persons arrested for illegal operation of black market

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About seventy-six persons have been arrested by the police for the operation of illegal exchange of foreign currencies.

The operation which happened on the 20th of September, 2022 was conducted by the Bank of Ghana in collaboration with the Ghana police service where a special operation was held on foreign exchange market operators also known as Black Market.

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Some businesses clamped down with the owners within Business District; Rawlings Park, Tudu, Cowlane, Circle, Kimbu, Timber Market, and Lava.

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The purpose of the operation was to clamp down on individuals and entities running an illegal exchange of foreign currencies without a license from the Bank of Ghana will be punished for violating Ghana’s foreign exchange laws and regulations.

The Head of the Foreign Exchange  Bureau Examinations Office, at the Bank of Ghana, Adjoa Konadu Torto told journalists that the exercise will continue.

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

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“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 license from Bank of Ghana in violation of Ghana’s Foreign Exchange Laws and regulations”, she explained.

“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”, she added.

source: www.ghbase.com

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