The suspects allegedly invaded the Forex Bureau near Las Palmas, demanding that all cash be handed over to them.

During the operation, some bystanders demonstrated remarkable bravery by locking all persons inside the Bureau.

A call was placed to the Police, who swiftly moved to the crime scene.

The witnesses were convinced that the suspects had been locked inside the Forex Bureau.

However, in an interview with Accra-based Channel One News, a witness disclosed that when the Police accessed the building, the robbers were nowhere to be found.

The mysterious disappearance left bystanders in shock, and it remains unclear whether the robbers escaped with any money.

While the Forex Bureau is said to operate under tight security, management has yet to formally comment on the incident.

Videos from the scene have since gone viral on social media.

Armed Robbers trapped inside a forex Bureau at Lapaz. The police have to tally surrounded the place, i feel like i am watching Money Heist in real life
pic.twitter.com/DKrX7Q2515

— Twilight (@the_marcoli_boy) November 22, 2024

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The convicted persons pleaded guilty to charges 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.”

The Ashanti Regional Police Command in collaboration with the Other Financial Institutions Supervision Department (OFISD) and the Security Department of the Bank of Ghana investigated and arrested four persons dealing in foreign exchange without approval and a licence from the Bank.

The undercover investigation began on October 29, 2023 and concluded on December 3, 2023.

The other suspects awaiting trial are Adam Isak and Alhassan Nuhu of Macowasi Forex Bureau, another unlicensed foreign exchange bureau also operating on the KNUST Campus, Kumasi.

The OFISD in conducting supervisory duties in Kumasi, detected certain anomalies in the Foreign Exchange (FX) market and their effective work and preliminary intelligence gathering, led them to several illegal/parallel foreign exchange market operators in the Kumasi area.

Foreign Exchange Laws

Ghana’s foreign exchange market is regulated by the Foreign Exchange Act 2006, Act 723. The Act cloaks the Bank of Ghana with all licensing, supervisory and regulatory authority.

According to Section 3(1) of the Foreign Exchange Act, 2006, Act 723, “A person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act.”

Section 29(1)(a) of the Act further states that “A person who engages in the business of dealing in foreign exchange without a licence commits an offence and is liable on summary conviction to a fine of not more than seven hundred penalty units or a term of imprisonment of not more than eighteen months or both.’’

According to the Bank of Ghana, dealing in foreign exchange without approval or a licence is a punishable offence under the Foreign Exchange Act 2006, Act 723. The Bank has consistently issued a strong caution to the general public to desist from engaging the services of foreign exchange businesses operating without a licence.

The Central Bank has published on its website all registered financial institutions and urges the public to patronize and undertake business with only institutions licensed by the Bank.

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The announcement, made through social media on December 15, revealed that the syndicate was involved in the production of a substantial amount of counterfeit foreign currency, with seized amounts totalling US$40 million.

The operation took place in two warehouses located in Accra and Tema, where the counterfeit funds were discovered concealed in steel trunks.

The OSP’s disclosure is part of an update on various cases it is pursuing under its comprehensive fourfold mandate, which includes investigations, prosecution, asset recovery and management, and the prevention of corruption.

“OSP has disrupted a syndicate involved in the production of a substantial amount of counterfeited foreign currency. Seizures were made in two warehouses located in Accra and Tema, where a substantial amount of counterfeited forty million dollars ($40,000,000.00) was discovered concealed in steel trunks.

The post further noted that the OSP has been actively engaged in addressing these matters since August 2021, with efforts aimed at concluding various cases under its mandate.

“Since August 2021, the Office of the Special Prosecutor (#OSP) has been actively engaged in a range of activities as part of its comprehensive fourfold mandate, which includes investigations, prosecution, asset recovery and management, and the prevention of corruption.”

It said during this period, there would be increased police patrols and visibility as well as collaborative intelligence gathering with other security agencies aimed at preventing crime and enhancing security.

It, therefore, urged forex bureau operators to be vigilant and report any suspicious activities for the necessary action to be taken.

The assurance was given when the Inspector General of Police, Dr George Akuffo Dampare, and some members of the Police Management Board (POMAB) met the national executives of the Ghana Association of Forex Bureau operators in Accra.

The meeting, which was part of the series of the Police Administration stakeholder engagement, was to seek the security concerns of operators in the forex bureau sector.

Security concerns raised during the meeting would be integrated in the security arrangements of the police to ensure the upcoming festive season is incident free.

Dr George Akuffo Dampare, who gave the assurance, said the police were working with other security agencies to gather intelligence and combat crime across the country.

“We are on the ground.

We want to tell unpatriotic citizens who are jealous of the security, peace, law and order we enjoy in this country to take a second look at their notes,” he said.

Dr Dampare urged the forex bureau operators to stay focused, alert and work with the police to combat crime that affected the smooth operation of their businesses.

He said the police “are watching and we will act in line with the law to protect lives and property to ensure the sustainability of the peace and security in the country.”

Activate CCTVs

The Director-General in Charge of Administration, Commissioner of Police (COP) Christian Tetteh Yohuno, advised forex bureau operators to seek police protection anytime they had to convey money from one point to the other as part of their business operations, especially during the festive period.

He urged them to activate CCTV cameras around their business premises to help detect suspicious activities and persons and assist the police with investigations into crime.

“Be careful of people trailing and call the police because criminals who do not want to work take advantage of your security lapses,” he said, after announcing that police personnel would be stationed at vantage points close to the business locations of forex bureau during the festive periods.

“We want you to know that police personnel will be everywhere.

We are ready to give you protection.” 

Call police emergency lines

COP Yohuno urged forex bureau operators to be vigilant and involve the police when they received calls from existing or potential clients about business transactions outside the business premises of the operators.

“Do not trust people so much.

Do not carry money around and be careful of the people you discuss money issues with.

You must not expose business activities to even your close associates,” he advised the forex bureau operators.

Mr Yohuno gave an assurance that the police were ready to deal with any security challenge that would affect the smooth operation of forex bureau businesses.

He said the police emergency contacts were active and urged the forex bureau operators to make use of them.

The police emergency lines are 18555, 191, 112 and 999 or other police contact lines 0299200000.

Security concerns

The Vice-President of the Ghana Association of Forex Bureaux, Dr Dasmon Alex Akpabli, said some of the major security challenges of the forex industry in the country included robbery and fraudulent attacks.

He commended the Ghana Police Administration for putting in place security arrangements to protect forex bureau operators.

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The closure of these forex bureaus follows failure by the operators to desist from issuing receipts as well as breaching the foreign exchange laws

According to the Head of Other Financial Institutions Supervision Department at the Bank of Ghana, Yaw Sapong, the exercise targeted at ensuring sanity in the forex market is expected to continue across the capital city, Accra.

Some market watchers believe the move by the Central Bank is a result of the fast depreciation of the cedi which they blame on the forex operators.

The robbers, amid the firing of gunshots, stormed the forex bureau close to the Honeysuckle restaurants on a motorbike on Wednesday and made away with an undisclosed amount of money.

Hawkers and pedestrians, who were frightened by the incident, screamed on top of their voices to draw attention to the scene.

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A video from the incident, which has since gone viral, captured a security man at post looking on helplessly as the robbers undertake their operations.

Watch the video below:

Daylight robbery happening now at a forex bureau in Honneysuckle ring road Osu pic.twitter.com/s4KDzP4IKv

— Pendee (@pendeegh) June 9, 2021

Why?

According to the Bank of Ghana, the move is part of measures to enforce compliance by all licensed Forex Bureaux with the Forex Bureau Regulations issued in accordance with the Foreign Exchange Act, 2006 (Act 723), and the provisions of the Anti-Money Laundering Act, 2008 (Act 749) as amended,

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Areas to be covered?

According to the regulator, all transaction must be captured electronically with receipts issued as well. Customers must also provide valid National ID to aid all transaction. The Central Bank argues that it would deal with any individual found engaging unlicensed operators.  Any forex Bureau that fails to comply would also be sanctioned, face suspension and revocation of license.

How it would be implemented

1. All purchases and sales of forex must be captured electronically and receipted accordingly by licensed Forex Bureaux.

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2. All customers must provide valid national identification or other valid personal ID such as Voter’s ID, Passport or Driver’s Licence when engaging in forex transactions with Forex Bureau.

3. All licensed Forex Bureaux must submit the required monthly returns electronically to the Bank of Ghana within five (5) working days after the end of the month.

4. All licensed Forex Bureaux must complete and submit a licence renewal questionnaire two (2) months before the expiration of the current licence. The questionnaire must be submitted together with the following attachments:

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a. Copy of Tax Clearance Certificate
b. Copy of Insurance Certificate
c. Extract of Audited Accounts
d. Bank Statements
e. Proof of filing of Annual Returns at the Registrar General’s Department

5. All licensed Forex Bureau must comply with the provisions of the Data Protection Act, 2012 (Act 843) and must register with the Data Protection Commission of the Ministry of Communication as a key requirement for annual license renewal.

Sanctions for defaulters?

The Bank of Ghana in the circular issued and signed by its secretary said that
Any person found transacting business with an unlicensed Forex Bureau or illegal forex dealers shall be dealt with in accordance with the Laws of Ghana.

Failure to comply with this Notice shall attract penalties, including pecuniary sanctions, suspension and revocation of licence in accordance with the Foreign Exchange Act 2006, (Act 723).
All licensed Forex Bureaux and General Public shall note and strictly comply.

Mr Andoh in an interview with the Ghana News Agency said activities of the black marketers were collapsing operations of forex bureaux in the country.

He explained that such operators who are mobile and visible are able to lure customers with their slightly better rates while the forex bureau who were regulated by law and pay taxes to the government, struggle in their enclosures.

He cautioned the public against buying foreign currency from the black market as that could expose them to risk of been given fake currencies and even robbed.

Mr Andoh advised them not to only consider the rate of exchange on offer when choosing a place to trade currencies but must also consider the risks involved.

Meanwhile, an anonymous black market customer said she has been buying currency from them for over five years now and had no fears of falling victim to any risk.

She added that the black market was reliable and fast, as they operated 24-hours daily and offered better rates than the forex bureaux.  According to her, customers also have the opportunity to bargain with the black market operators in addition to changing monies without having to show their identity cards.

Tema Community One business area has a lot of black marketers who openly operate and call on the public including policemen to do business with them while trading in other wares especially wrist watches.

They are mostly seen near the Tema Community One market branch of the Ghana Commercial Bank (GCB), and the casino area which is about 100 meters away from the Community One Police station.