The Securities and Exchange Commission (SEC) has issued a cautionary warning after identifying 33 television stations airing suspected fraudulent “money-doubling” investment schemes across Ghana.
In a public notice, the Commission alerted Ghanaians that these schemes often promise unusually high returns with little or no risk—a common tactic used to lure unsuspecting investors. It emphasised that none of the entities behind these adverts are approved or licensed to operate as investment firms in the country.
“The SEC hereby informs the public that it has not approved, authorised, or licensed any of the schemes being advertised on these television channels,” the regulator stated.
The Commission noted that operators of such schemes are violating Section 144(1) of the Securities Industry Act and Section 294(1)(b) of the Companies Act, which prohibit unlicensed public invitations and advertisements for securities-related services. Offenders could face criminal prosecution.
This warning comes amid growing concerns over financial fraud, particularly following previous investment scandals that affected thousands of Ghanaians.
The SEC said it is closely monitoring the situation to protect investor funds and maintain confidence in the capital market. The public is urged to verify the licensing status of any investment firm before committing funds.
The Commission reaffirmed its commitment to safeguarding investors and ensuring a transparent and trustworthy securities market.
READ ALSO:
