The Securities and Exchange Commission (SEC) has named 23 investment schemes operating without approval in Ghana and warned the public against investing in them, as the regulator begins working with law enforcement agencies to clamp down on the operators behind the schemes. The warning comes amid growing concerns over online investment fraud, with victims losing millions of cedis to deceptive schemes.
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The 23 investment schemes the SEC says are not licensed
The SEC said the following entities have not been licensed to carry out capital market activities in Ghana:
- 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
- Ultima Cryptocurrency Group
The Commission said it is working with law enforcement agencies to identify and take action against the individuals behind the entities and investment schemes.
The latest warning follows a rise in digital investment scams targeting people through social media platforms, WhatsApp groups and online channels. Read also: Cyber Security Authority reports GH¢3.4 million lost to online investment fraud in 2026.
SEC warns investors to verify firms before committing funds
The regulator stressed that it has not licensed any of the listed entities to undertake capital market activities in Ghana.
“The SEC has NOT licensed any of the above-mentioned entities to carry out capital market activities.”
The SEC said the companies are operating outside Ghana’s regulatory framework and urged the public to exercise caution before investing in products promoted by the entities.
It advised prospective investors to confirm the licensing status of any company offering investment or capital market products before committing their funds.
The Commission also encouraged members of the public to contact it to verify whether an investment firm is authorised to operate in Ghana or to report suspicious activities.
How Ghanaians can protect themselves from investment scams
The SEC’s warning comes as fraudsters continue to use online platforms to attract victims with promises of quick and guaranteed returns.
The Cyber Security Authority (CSA) recently disclosed that it recorded 352 online investment fraud cases between January and June 2026, with victims losing more than GH¢3.4 million.
To reduce the risk of falling victim to fraudulent schemes, investors should:
- Verify that an investment company is licensed before investing.
- Be cautious of firms promising unusually high or guaranteed returns.
- Avoid sending money to schemes promoted only through social media or messaging groups.
- Seek independent financial advice before committing large sums.
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- How to identify fake investment schemes before losing money
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