The Securities and Exchange Commission (SEC) has identified 23 entities allegedly operating illegal online investment schemes in Ghana, cautioning the public against engaging with them because they are not licensed to offer capital market products or services.
According to the Commission, the listed entities have been promoting investment opportunities through online platforms and social media without the authorisation required under the Securities Industry Act, 2016 (Act 929), as amended.
The entities named by the SEC are 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.
The Commission stressed that none of the entities has been granted a licence to undertake capital market activities in Ghana.
“The SEC has NOT licensed any of the above-mentioned entities to carry out capital market activities,” the regulator stated.
The SEC disclosed that it is collaborating with law enforcement agencies to identify and take action against the individuals behind the unlicensed investment schemes.
It advised the public to avoid investing in products offered by the listed entities and urged prospective investors to verify the licensing status of any company offering investment or capital market products before committing their funds.
The Commission further encouraged members of the public to contact the SEC to verify the legitimacy of investment firms and report suspected illegal investment schemes as part of efforts to protect investors and safeguard the integrity of Ghana's capital market.
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