The Securities and Exchange Commission (SEC) has named 23 entities operating online and on social media without licences to provide investment products in Ghana, as part of efforts to protect investors from fraud.
The Commission said the entities are promoting investment opportunities despite not being licensed under the Securities Industry Act, 2016 (Act 929), as amended.
The affected entities 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.
In a statement, the SEC stressed that none of the listed entities has been authorised to undertake capital market activities in Ghana.
The regulator said it is collaborating with law enforcement agencies to clamp down on the operators behind the schemes and stop their activities.
It further advised the public to exercise caution and avoid investing in products or services offered by the listed entities.
The Commission also urged prospective investors to verify the licensing status of any investment firm with the SEC before committing funds.
The SEC encouraged members of the public to report suspicious investment schemes and seek guidance from the Commission before making investment decisions.
