The Securities and Exchange Commission (SEC) has cautioned Ghanaians against investing with 23 online entities found to be operating without the required licences.

According to SEC, the firms have been advertising and offering investment products through websites and social media platforms despite not being authorised to carry out capital market activities under the Securities Industry Act, 2016 (Act 929), as amended.

The firms flagged by SEC include: 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.

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SEC stressed that none of these entities has been granted approval to operate within Ghana’s capital market.

“The SEC has NOT licensed any of the above-mentioned entities to carry out capital market activities,” the Commission said.

It added that the firms are operating outside Ghana’s regulatory framework and disclosed that it is collaborating with law enforcement agencies to investigate the operators and take enforcement action.

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The Commission advised individuals seeking investment opportunities to first confirm whether a company is licensed before committing funds, stressing that this is one of the best ways to protect against fraudulent schemes.

It further encouraged the public to report suspicious investment activities and verify the status of investment firms directly through SEC before investing.

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DR/SA