The Securities and Exchange Commission (SEC) has issued an urgent advisory to the public after identifying 33 television stations broadcasting suspected fraudulent “money-doubling” investment schemes nationwide.
In its notice, the Commission explained that these schemes lure viewers with promises of unusually high returns at little to no risk — a common tactic used to mislead the public about fraudulent “money-doubling”.
It emphasised that none of the advertised operations have been approved or licensed to offer investment services 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 statement said, urging the public to remain alert and avoid falling for such deceptive offers.
The Commission noted 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 prohibit unlicensed public solicitation and advertising of securities. Individuals involved may face criminal action.
The alert follows growing concerns over the rise in financial scams, especially in the aftermath of past investment failures that affected many Ghanaians. The SEC says it is closely monitoring developments to protect investor funds and sustain confidence in the market.
Members of the public are advised to verify the licensing status of any investment entity before committing money.
Verification support is available via the SEC’s toll-free number 0800 100 065, main line 0302 768 970–2, or email info@sec.gov.gh.
The Commission reiterated its dedication to safeguarding investors and strengthening trust in Ghana’s securities market.
See the TV stations flagged by the SEC: SEC TV stations
