The Ghana Securities and Exchange Commission (SEC) issued a public notice warning of a rise in suspected fraudulent investment schemes, often described as “money doubling”, being advertised on some television channels in Ghana, and confirmed it has not approved, authorised or licensed any of the schemes. The notice urges the public to remain vigilant and to desist from investing in these unlicensed products. It also cautions promoters that making public invitations or advertisements for securities-related products and services without a licence is a criminal offence, citing provisions in the Securities Industry Act (as amended) and the Companies Act, and identifies 33 television channels linked to the advertisements, associated with scheme names including ECO Cash, Airopay/Chase Bank, RBC Royal Bank, US Bank Online, Worldremit/WorldRemit, Instant Money, Wave Money Transfer, Arab Money and an unnamed product.
Securities and Exchange Commission Ghana 2025-11-24
Ghana Securities and Exchange Commission warns investors about unlicensed ‘money doubling’ schemes promoted on 33 TV channels
The Securities and Exchange Commission Ghana warned of a rise in fraudulent "money doubling" schemes advertised on 33 TV channels. The SEC confirmed it hasn't approved these schemes and cautioned against investing in unlicensed products. Promoters are reminded that advertising securities-related products without a licence is a criminal offence under the Securities Industry Act and the Companies Act.