Following the discovery that 33 television stations nationwide were broadcasting allegedly fraudulent “money-doubling” investment schemes, the Securities and Exchange Commission (SEC) has issued a severe warning to the public.
The Commission stated in a public announcement that these schemes offer very large profits with little to no risk, which is a common strategy used to trick gullible Ghanaians.
It emphasized that none of the businesses being promoted have a license or approval to engage in investment activities in Ghana.
“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 said, urging viewers to be vigilant and avoid falling victim to such scams.
According to the Commission, operators of these schemes are in breach of 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 products. Those involved could face criminal prosecution.
The warning coincides with mounting worries about the increase in financial fraud, particularly in light of previous investment scams that impacted thousands of Ghanaians.
To protect investor funds and preserve trust in the capital market, the SEC said it is keeping a careful eye on the situation. Before making a financial commitment, the public is urged to confirm the licensing status of any company involved in investments.
The SEC’s primary number is 0302 768 970–2, its toll-free number is 0800 100 065, and its email address is [email protected].
The Commission reaffirmed its commitment to protecting investors and ensuring a transparent and trustworthy securities market.