Ghana’s Economic and Organised Crime Office (EOCO) has secured licences for forensic cryptocurrency investigations in West Africa as a step to combat financial crimes, including digital asset fraud, money laundering, and cybercrime.
EOCO’s Executive Director, Raymond Archer, made the announcement during a press conference in Accra. He revealed that the agency has already successfully investigated and recovered illicit crypto funds, a first in Africa.
“We have actually successfully, I think for the first time in Africa now, investigated, confiscated, and are about to return the proceeds of crypto fraud back to the country,” Archer stated.
The licence was obtained through IACA
The license, obtained through a partnership with the International Anti-Corruption Academy (IACA), grants EOCO advanced tools to trace, seize, and recover cryptocurrency linked to criminal activities.
This development comes at a crucial time, as Ghana and other African nations face a surge in crypto-related scams, Ponzi schemes, and fraudulent investment schemes targeting citizens.
“This marks the beginning of new capabilities and tools in the fight against internet fraud,” said Maame Yaa Tiwaa Addo-Danquah, EOCO’s Executive Director. “We are now able to recover proceeds of crime transferred through cryptocurrency, which was previously difficult to track.”
The agency’s enhanced forensic capabilities will allow it to collaborate with international crypto exchanges, blockchain analytics firms, and law enforcement agencies across borders.
Ghana’s move aligns with other African nations’ efforts to combat crypto-related financial crimes. Nigeria’s Economic and Financial Crimes Commission (EFCC) has intensified its crackdown on crypto scams, arresting multiple fraudsters involved in “Yahoo-Yahoo” schemes and fraudulent investment platforms such as CBEX. The EFCC has also partnered with blockchain intelligence firms to track illicit transactions.
Similarly, South Africa’s Financial Sector Conduct Authority (FSCA) is investing millions over the next 18 months to strengthen its regulatory framework and prosecute crypto fraudsters.
Kenya’s Asset Recovery Agency has also been active in freezing accounts linked to crypto scams, while Botswana and Namibia are enhancing their digital asset regulations.
“These crimes aren’t just about money—they’re destroying lives,” Archer emphasised. “Young Ghanaians are being trafficked and left stranded or dead in foreign countries due to elaborate recruitment and scam operations. Millions of dollars are moving illegally across borders, funding these criminal enterprises.”
EOCO also partners with QNET
EOCO has partnered strategically with QNET, a global e-commerce firm, to bolster its efforts to combat organised crime, including human trafficking and deceptive job scams.
The collaboration involves Ghana’s Police Service, Immigration Service, National Intelligence Bureau (NIB), and the National Security Council.
“The objective is clear,” Archer concluded. “We are identifying, investigating, and dismantling these criminal networks. Our mission is to prosecute the perpetrators and strip them of every cedi or dollar gained from these sophisticated crimes.”
As Africa’s crypto economy grows, Ghana’s proactive stance sets a precedent for other nations. With enhanced forensic capabilities, cross-border cooperation, and stricter regulations, the continent is taking decisive steps to protect its citizens and financial systems from the rising digital fraud.