The Bank of Ghana (BoG) has announced that the collaboration between financial regulators and law enforcement agencies has resulted in the arrest of 430 people, including three foreign nationals, during intelligence-led operations targeting illegal online operators.
Matilda Asante Asiedu, the Second Deputy Governor of the Bank of Ghana, stated that these arrests highlight the effectiveness of coordinated efforts against financial crimes and other threats to the financial system of Ghana.
While addressing the opening of a technical committee workshop for the Committee for Cooperation between Law Enforcement Agencies and the Banking Community (COCLAB) at the Royal Senchi in the Eastern Region, she mentioned that these operations are part of broader initiatives aimed at disrupting financial crime networks.
She emphasised that COCLAB’s actions have also led to the recovery of unlawfully transferred funds, as well as investigations and prosecutions against illegal foreign exchange operators.
“We have successfully disrupted fraud syndicates. We have recovered illicitly transferred funds. We have secured investigations and prosecutions,” she remarked.
The Deputy Governor noted that intelligence-led operations targeting illegal online operators in various areas of Accra in 2023 resulted in the apprehension of 430 suspects.
She added that this collaboration has been broadened to enhance enforcement against unlicensed financial institutions, following COCLAB’s discussions in December 2025.
The Bank of Ghana also highlights successful prosecutions as a crucial indicator of the effectiveness of the inter-agency platform.
Ms. Asante Asiedu referenced the conviction of a bank employee who received a 10-year prison sentence for embezzling GH¢1.2 million.
She stated that these results illustrate the necessity of addressing financial crime through collaborative efforts rather than by individual institutions acting independently.
“When institutions like COCLAB work together, we strengthen our collective ability to prevent, to detect, to investigate, and to respond to financial crime,” she added.
She, however, warned that the evolving landscape of financial crime necessitates that COCLAB adopt a more proactive approach, emphasising enhanced intelligence sharing, investigations, prosecutions, and asset recovery.
As a result, the Bank of Ghana is advocating for a more organised COCLAB, bolstered by specialised working groups focused on public awareness, information exchange, and investigative efforts.
