BoG reports 430 arrests in fight against illegal online operations

The Bank of Ghana (BoG) has revealed that joint operations involving financial regulators and law enforcement agencies have led to the arrest of 430 individuals, including three foreign nationals, as part of efforts to clamp down on illegal online activities.

Second Deputy Governor of the Bank of Ghana, Matilda Asante Asiedu, said the arrests highlight the importance of collaboration among state institutions in tackling financial crimes and protecting Ghana’s financial system.

She disclosed this at the opening of a technical committee workshop organised by the Committee for Cooperation between Law Enforcement Agencies and the Banking Community (COCLAB) at the Royal Senchi in the Eastern Region.

According to Ms Asante Asiedu, the intelligence-led operations were designed to disrupt networks involved in financial crimes and other activities that threaten the integrity of the financial sector.

She said COCLAB’s interventions have produced several results, including the recovery of funds transferred through illicit channels, investigations and prosecutions, and enforcement measures against illegal foreign exchange operators.

The Deputy Governor disclosed that operations targeting illegal online operators in parts of Accra in 2023 resulted in the arrest of 430 suspects.

She added that the inter-agency collaboration has since been broadened to improve enforcement against unlicensed financial institutions, following COCLAB discussions in December 2025.

Ms Asante Asiedu further pointed to successful prosecutions as evidence of the impact of the platform, citing the case of a bank employee who was convicted and sentenced to 10 years in prison for embezzling GH¢1.2 million.

She stressed that the fight against financial crime requires institutions to work together rather than operate independently.

According to her, stronger cooperation enables authorities to improve their ability to prevent, identify, investigate and respond to financial crimes while also recovering assets linked to illicit activities.

However, she warned that the increasing sophistication of financial crime calls for a more proactive COCLAB, with greater emphasis on intelligence sharing, investigations, prosecutions and asset recovery.

The Bank of Ghana is therefore seeking to strengthen the structure of COCLAB through dedicated working groups focused on public sensitisation, information sharing and investigations.