Kumasi: BoG, Police arrest 4 illegal forex operators; 2 convicted, fined GH¢7,200 each

The Bank of Ghana and police in the Ashanti Region have arrested some persons engaged in illegal foreign exchange operations in Kumasi.

Senyah Poku and Yaa Serwaa, who operated Senyah Poku Enterprise in Patase, Kumasi, have been convicted and fined GH¢7,200 each by the Asokwa Circuit Court 2 after pleading guilty to charges of operating a forex bureau without the required license.

"Senyah Poku and Yaa Serwaa of Senyah Poku Enterprise, an unlicensed foreign exchange bureau operating in Patase, Kumasi, to a fine of six hundred penalty units equivalent to GH¢7,200.00 each,” said part of a news release from the Bank of Ghana.

The fines served as convictions for Poku and Serwaa's admission of guilt on counts of "Conspiracy to Engage in the Business of Dealing in Foreign Exchange Without Licence" and "Engaging in the Business of Dealing in Foreign Exchange Without Licence."

Details of investigation
The Bank of Ghana and Ashanti Regional Police conducted an undercover investigation from October 29, 2023 to December 3, 2023, which uncovered a total of four individuals running illegal forex operations in Kumasi.

Two other suspects, Adam Isak and Alhassan Nuhu of Macowasi Forex Bureau, who were found operating without approval on the KNUST campus, are still awaiting trial.

The crackdown marks ongoing efforts by the central bank and police to enforce Ghana's foreign exchange laws, which require forex businesses to obtain licenses from the Bank of Ghana.

Unlicensed operations violate the Foreign Exchange Act of 2006, the central bank emphasised.