SEC raises alarm over 33 TV stations promoting illegal money-doubling

The Securities and Exchange Commission (SEC) has issued a strong warning to the public after discovering 33 television stations broadcasting suspected fraudulent “money-doubling” and investment schemes across the country.

In a public notice, the SEC explained that these schemes lure viewers with promises of extremely high returns at little or no risk, a common tactic used to scam unsuspecting Ghanaians.

The Commission emphasised that none of the entities being advertised has been approved or licensed 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 stated, urging the public to stay alert and avoid falling for such scams.

The Commission added that the operators behind these schemes are violating Section 144(1) of the Securities Industry Act and Section 294(1)(b) of the Companies Act, which outlaw unlicensed public invitations and advertisements for investment products.

Offenders risk criminal prosecution.

The warning comes amid growing concerns about the rise in financial fraud, especially following past investment scandals that affected thousands of Ghanaians.

The SEC says it is monitoring the situation closely to safeguard investor funds and maintain confidence in the capital market.

The public has been encouraged to verify the licensing status of any investment-related firm before committing funds. For assistance, individuals may call the SEC’s toll-free line 0800 100 065, its main line 0302 768 970–2, or email info@sec.gov.gh.

The Commission reaffirmed its commitment to protecting investors and ensuring a transparent and trustworthy securities market.