Regulatory Alerts2025-11-24
Warning Against Unauthorised Advertisements on Fraudulent Investment Schemes
The Securities and Exchange Commission of Ghana has issued a public notice warning against unlicensed television advertisements promoting fraudulent "money doubling" investment schemes. The regulator explicitly identifies thirty-three television channels and associated schemes as unapproved, citing Sections 144(1) of the Securities Industry Act and 294(1)(b) of the Companies Act to declare such unauthorized public invitations a criminal offence. Investors are urged to verify the licensing status of any capital market service provider through the SEC’s toll-free hotline, main line, or official email before committing funds.
Ensuring Investor Protection SECURITIES AND EXCHANGE COMMISSION The Securities and Exchange Commission, Ghana, hereinafter referred to as the “SEC”, is mandated to regulate and promote the growth and development of an efficient, fair and transparent securities market in which investors, and the integrity of the market are protected. The SEC wishes to put the General Public on notice about the rise in suspected fraudulent investment schemes (also termed ‘money doubling’ schemes) being advertised on some television channels in the country. These schemes are fraudulent schemes designed to get members of the public to give money for higher returns at little or no risk. By this Notice, the SEC hereby informs the public that it has not approved, authorized or licensed any of the schemes being advertised on these television channels. The SEC therefore draws the attention of the General Public to these fraudulent activities and advises the Public to be vigilant and to desist from investing in their unlicensed products. Furthermore, the SEC wishes to caution those involved in these nefarious activities, reference to sections 144 (1) of the Securities Industry Act as amended and 294(1) (b) of the Companies Act, that it is a criminal offence to engage in public invitations and advertisements on securities-related products and services without a license or recourse to the SEC. The SEC wishes to urge the Public to call its toll-free line number 0800100065 or main-line number 0302768970-2 or send an email to info@sec.gov.gh to confirm the licensing status of any firm or group of people offering products or services relating to investments in the Capital Market. PUBLIC NOTICE WARNING AGAINST UNAUTHORISED ADVERTISEMENTS ON FRAUDULENT INVESTMENT SCHEMES (NOTICE NO. SEC/PN/001/11/2025)
The entities that have been identified by the SEC to have engaged in these deceptive advertisements include the following: S/N TV CHANNEL FRADULENT SCHEME NAME S/N TV CHANNEL FRADULENT SCHEME NAME 1 Advice TV ECO Cash 11 KTV TV ECO Cash 2 Adwempa TV RBC Royal Bank 12 Kumaplus TV US Bank online 3 Akyedie TV Nana Bodom 13 Megyefo TV Nana Bodom (Worldremit) 4 Asomafo TV ECO Cash 14 MY TV ECO Cash 5 Asomdwie TV ECO Cash 15 Nkabom TV Airopay/Chasebank 6 Benedict TV ECO Cash 16 Passion TV IMONEY/ Airopay 7 Best TV Airopay 17 Run TV Wave Money Transfer 8 Big TV Airopay/Chase Bank 18 Seekers TV US Bank Online Loan 9 Breeze TV Instant Money 19 Simple TV Airopay/Chase Bank 10 Diamond TV Airopay/ Chase Bank 20 Starboy TV ECO Cash 21 Eagle TV Worldremit 28 Today’s GH TV Unnamed Product 22 Elephant TV Nana Bodom 29 TV Magic Worldremit 23 Energy TV Airopay Wave Money 30 Unik TV ECO Cash 24 Funny TV ECO Cash 31 VIP TV WorldRemit 25 Golden TV Nogokpo 32 XTV Arab Money/Eco Cash 26 Goodness TV ECO Cash 33 Happy TV Airopay/Chase Bank 27 Hyebre TV Airopay/Chase Bank This Public Notice is issued pursuant to sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929), as amended. ISSUED BY ORDER OF THE SECURITIES AND EXCHANGE COMMISSION (SEC) DATED: NOVEMBER 24, 2025