The Asokwa Circuit Court 2 in Kumasi has sentenced 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.
The Ashanti Regional Police Command, in collaboration with the Other Financial Institutions Supervision Department (OFISD) and the Security Department of the Bank of Ghana, conducted an investigation and arrested four individuals involved in foreign exchange trading without the necessary approval and license from the Bank.
The undercover operation began on October 29, 2023, and ended on December 3, 2023. It targeted illegal foreign exchange operators in Kumasi.
Two other suspects, Adam Isak and Alhassan Nuhu of Macowasi Forex Bureau, are also awaiting trial for operating an unlicensed foreign exchange bureau on the KNUST Campus in Kumasi.
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.”
