In a significant move to stabilize the local currency, a joint task force comprising the Bank of Ghana and the Ghana Police Service apprehended over 76 illegal foreign exchange dealers during a targeted raid in Accra.
The operation focused on notorious “black market” hubs within the Central Business District, including Tudu, Makola, and Rawlings Park. These unauthorized dealers are accused of undermining the financial system and contributing to the sharp depreciation of the Ghana cedi by operating outside the regulated framework of the Central Bank.
Adjoa Konadu Torto, the Head of Foreign Exchange Bureau at the Bank of Ghana, confirmed that those arrested will face prosecution as part of a broader strategy to sanitize the forex market. She explained that the crackdown is not a singular event but the beginning of a nationwide enforcement campaign.
Beyond these arrests, the Central Bank is tightening regulations for licensed bureaux, strictly enforcing the requirement for customers to present a Ghana Card and ensuring that electronic receipts are issued for every transaction to maintain a transparent audit trail.
As of late 2025, these enforcement efforts have evolved into a more sophisticated digital surveillance system. The Bank of Ghana now integrates real-time data from licensed bureaux with the national identification database, making it increasingly difficult for illegal operators to influence exchange rates.
This regulatory pressure, combined with improved dollar liquidity in late 2025, has significantly narrowed the gap between official bank rates and the parallel market, providing a more predictable environment for businesses and investors.