The Asokwa Circuit Court 2 in Kumasi has handed down fines to individuals involved in operating unlicensed foreign exchange bureaus in the Patase area of Kumasi.
Senyah Poku and Yaa Serwaa, associated with Senyah Poku Enterprise, were each fined six hundred penalty units, equivalent to GH¢7,200.00.
The sentencing comes after an investigation conducted by the Ashanti Regional Police Command, in collaboration with the Other Financial Institutions Supervision Department (OFISD) and the Security Department of the Bank of Ghana.
The joint operation targeted illegal foreign exchange activities in Kumasi, focusing on unlicensed operators.
The undercover operation spanned from October 29, 2023, to December 3, 2023, to identify and apprehend individuals engaged in unauthorized foreign exchange trading within the city.
Apart from Senyah Poku and Yaa Serwaa, two other suspects, Adam Isak and Alhassan Nuhu of Macowasi Forex Bureau, are currently awaiting trial for their involvement in operating an unlicensed foreign exchange bureau on the KNUST Campus in Kumasi.
All four individuals faced charges related to the illegal trading of foreign exchange without the necessary approvals and licenses from the Bank of Ghana.
The convicted parties 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.”
