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The unearthing of authentic Bank of Ghana (BoG) cash boxes at the heart of a massive counterfeiting operation in Sarpeiman, a suburb in the Ga West Municipality, has sparked nationwide concern over potential regulatory breaches and insider involvement in financial crime.
The covert operation, which was uncovered in February, had been operating behind the façade of a modest battery-charging shop, manned by an elderly man known in the area as the “Battery Doctor”. But behind the walls of the run-down structure lay a sprawling illicit enterprise—one authorities now describe as one of the most sophisticated counterfeiting setups in recent years.
During a site inspection, Director of Special Operations at the National Security Secretariat, Richard Jakpa, confirmed suspicions that the recovered cash boxes were indeed genuine Bank of Ghana property.
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“Authorities have verified that these boxes are genuine,” Jakpa stated. “This significantly raises concerns about how state-sanctioned financial tools ended up in a criminal network’s possession.”
The operation reportedly yielded ten 40-foot containers stocked with counterfeit Ghanaian cedi and US dollar notes, alongside fake gold bars and gold-plated metals. Two additional containers believed to be part of the same criminal ring were allegedly relocated just days before the raid.
Investigators are now pursuing a key suspect known only as “Alhaji”, believed to be the mastermind behind the operation. According to Mr Jakpa, there is solid evidence linking Alhaji to the site, as well as to a larger network of organised financial crime.
“Alhaji is a central figure in this syndicate, and efforts are underway to bring him to justice,” Jakpa added.
The discovery has not only alarmed financial regulators but has also raised broader questions about internal oversight and security at the country’s central bank. Analysts warn that the breach could damage public trust in Ghana’s financial institutions if not swiftly and transparently addressed.
As investigations continue, the government is being urged to launch a full-scale audit into BoG’s asset management systems to determine whether this incident is part of a larger systemic failure.
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