The Securities and Exchange Commission (SEC) has exposed 23 online and social media-based investment schemes operating without licences, warning Ghanaians that the entities are not authorised to collect funds or offer investment products.
The regulator said the companies have been promoting investment opportunities to the public despite not receiving approval to operate under Ghana’s capital market laws.
According to the SEC, none of the listed entities has been licensed under the Securities Industry Act, 2016 (Act 929), as amended, to undertake investment-related activities.
The Commission said the growing use of digital platforms by unlicensed operators has increased the risk of unsuspecting members of the public falling victim to fraudulent investment schemes.
The entities identified include Afri Hub, BG Wealth, BP Investment, Creative Walker Promotion Company (CWPC), Dallmayr, Expert (Expect) Option, GAIP Securities Learning & Exchange Group, Ghana Vest, Harvest Fund, Infarms/Secure Farm, Kukafor Platform, Mazzuma, Medisyne Trade, NIO Platform, Profit Rise Invest, Quant Vest Stock Exchange (QVSE), QVES, QX Broker/Qumatix, Smart Gain, Yepbit Trading, ZEC ZEC FX, Bonchat and Ultima Cryptocurrency Group.
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The SEC warned that persons behind the schemes could face action as it works with law enforcement agencies to investigate and clamp down on the operators.
“The SEC has NOT licensed any of the above-mentioned entities to carry out capital market activities,” the Commission stated.
The regulator said individuals and businesses should not rely on online advertisements, social media promotions or promises of high returns without first confirming the legitimacy of the investment provider.
It urged potential investors to verify the licence status of any company offering investment products before committing their money.
The SEC also encouraged members of the public who come across suspicious investment activities to report them to the Commission to support efforts aimed at protecting investors and maintaining confidence in Ghana’s financial sector.
