The Securities and Exchange Commission (SEC) has cautioned the public against engaging with 23 entities offering investment products online and through social media without the requisite licences to operate in Ghana.

According to the Commission, the entities have not been authorised to undertake capital market activities under the Securities Industry Act, 2016 (Act 929), as amended, despite actively marketing investment opportunities to the public via digital platforms.

The entities named 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 regulator disclosed that it is collaborating with law enforcement agencies to investigate the operators behind the entities and shut down 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 SEC therefore advised the investing public to steer clear of the listed entities and any investment products they offer.

It further urged prospective investors to verify the licensing status of any individual or company offering investment or capital market products before committing funds, as part of efforts to protect themselves from fraudulent schemes.