The Securities and Exchange Commission (SEC) has named 23 entities operating online and on social media without licences to offer investment products in Ghana, warning the public to avoid doing business with them as it intensifies efforts to protect investors.
The regulator said none of the listed entities has been authorised to undertake capital market activities under the Securities Industry Act, 2016 (Act 929), as amended, despite promoting investment products to the public through digital platforms.
Among the entities identified 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 said it is working with law enforcement agencies to clamp down on the individuals behind the entities and the investment schemes they are promoting.
“The SEC has NOT licensed any of the above-mentioned entities to carry out capital market activities,” the Commission stressed, adding that the firms are operating outside Ghana’s regulatory framework.
The regulator has consequently urged the public to exercise caution and refrain from investing in products offered by the listed entities. It also advised prospective investors to verify the licensing status of any company offering investment or capital market products before committing funds.
The SEC encouraged members of the public to contact the Commission through it.
