Before you invest: SEC names 23 online platforms to avoid
The Securities and Exchange Commission has warned Ghanaians not to invest with 23 unlicensed investment platforms, saying it is working with law enforcement agencies to shut them down.
Ghana's Securities and Exchange Commission (SEC) has warned the public against investing with 23 online platforms and social media-based entities offering unlicensed investment products, saying it is working with law enforcement agencies to shut them down.
In a public notice issued on July 22, the regulator said none of the listed entities had been licensed to conduct capital market activities in Ghana, despite promoting investment opportunities to the public through online and social media channels.
The SEC said the entities were operating without the licences required under the Securities Industry Act, 2016 (Act 929), as amended.
Among the entities named by the Commission are AfriHub, BG Wealth, BP Investment, Creative Walker Promotion Company (CWPC), Dallmayr, Ghana Vest, Harvest Fund, Infarms/Secure Farm, Mazzuma, Profit Rise Invest, QuantVest Stock Exchange (QVSE), QVES, QX Broker/Qumatix, Smart Gain, Yepbit Trading, ZEC ZEC FX, Bonchat and Ultima Cryptocurrency Group.
Others include Expert (Expect) Option, GAIP Securities Learning & Exchange Group, Kukafor Platform, Medisyne Trade and NIO Platform.
Crackdown under way
The SEC said it is collaborating with law enforcement agencies to identify and take action against the individuals behind the schemes.
The Commission urged members of the public to exercise caution and avoid investing money with any of the listed entities or other investment firms whose regulatory status cannot be verified.
The warning comes amid growing concerns over online investment schemes that promise unusually high returns while operating outside Ghana's financial regulatory framework.
How investors can protect themselves
The SEC advised prospective investors to confirm whether an investment company is licensed before committing funds.
It encouraged the public to verify the status of investment providers through the Commission's official channels, including its toll-free line, main office telephone numbers and email service.
The notice was issued under Sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929), which empowers the SEC to regulate Ghana's capital market and protect investors.
The latest warning forms part of the regulator's broader efforts to curb illegal investment schemes and strengthen confidence in Ghana's financial markets.
Before investing, the Commission says, investors should ensure that the company offering the product is authorised to operate in Ghana, as dealing with unlicensed entities exposes them to significant financial risk and leaves them without the protections available under the country's securities laws.