The Securities and Exchange Commission (SEC) has published a list of 23 entities allegedly operating without licences to offer investment products in Ghana, warning the public against investing with them as it steps up efforts to protect investors and safeguard the integrity of the capital market.
In a public notice issued by the Commission, the SEC said none of the listed entities had been licensed to undertake capital market activities under the Securities Industry Act, 2016 (Act 929), as amended by the Securities Industry (Amendment) Act, 2021 (Act 1062).
According to the regulator, the entities have been operating primarily on social media and online platforms, where they promote and offer investment products without the requisite authorisation.
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.
The Commission disclosed that it is collaborating with law enforcement agencies to clamp down on the individuals behind the unlicensed entities and their investment schemes.
The SEC urged members of the public to exercise caution and refrain from investing in products offered by the listed entities, stressing that investors should always verify the licensing status of any firm offering capital market products or services before committing funds.
The Commission advised prospective investors to contact the SEC through its toll-free line, main office telephone numbers or official email address to confirm whether an investment firm is duly licensed.
The regulator explained that the notice forms part of its statutory mandate to monitor activities within the securities industry and to publish information considered necessary to protect investors and promote a fair, efficient and transparent capital market.
The public notice was issued pursuant to Sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929), as amended.
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