The Securities and Exchange Commission (SEC) has cautioned the public after uncovering 33 television stations broadcasting suspected fraudulent “money-doubling” investment programmes across the country.
In a statement, the Commission explained that these schemes lure unsuspecting viewers with promises of extraordinarily high returns at little or no risk — a well-known tactic used to defraud investors. It emphasized that none of the entities being promoted have received approval or licenses to operate investment businesses 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 declared, urging citizens to remain alert and avoid falling prey to such scams.
The Commission noted that the operators of these schemes are violating Section 144(1) of the Securities Industry Act and Section 294(1)(b) of the Companies Act, which prohibit unlicensed public solicitations and advertisements for securities-related products. Offenders, it warned, could face criminal prosecution.
This alert comes amid heightened concerns about the surge in financial fraud, following previous investment scandals that left thousands of Ghanaians financially distressed.
The SEC assured that it is closely monitoring the situation to protect investors’ funds and preserve confidence in the capital market. It further advised the public to verify the licensing status of any investment firm before committing money.
For assistance, individuals may contact the SEC via its toll-free line 0800 100 065, its main line 0302 768 970–2, or email info@sec.gov.gh.
The Commission reaffirmed its dedication to safeguarding investors and ensuring a transparent, credible, and trustworthy securities market.
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