SEC cracks down on 33 TV stations airing suspected ‘money-doubling’ scams

The Securities and Exchange Commission (SEC) The Securities and Exchange Commission (SEC) has issued a stern warning to Ghanaians after identifying 33 television stations across the country broadcasting suspected fraudulent “money-doubling” schemes, a move that highlights the growing threat of financial scams in Ghana.

According to the SEC, these schemes promise unusually high returns with minimal or no risk, a tactic commonly used to lure unsuspecting investors.

None of the operations advertised on the flagged channels are licensed or approved by the SEC to conduct investment activities in the country.

“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 regulator stated in a public notice, urging Ghanaians to exercise caution.

Operators of these schemes are reported to be in direct violation of Section 144(1) of the Securities Industry Act and Section 294(1)(b) of the Companies Act, which prohibit unlicensed public invitations and advertisements for securities-related products.

The SEC has warned that those found culpable could face criminal prosecution.

This latest crackdown comes amid rising concerns over investment fraud in Ghana.

Over the past decade, the country has witnessed several high-profile financial scams that wiped out the savings of thousands of citizens, prompting regulators to intensify surveillance and enforcement efforts.

The SEC emphasized that it is closely monitoring the situation to protect investors and maintain confidence in the capital markets.

The public has been advised to verify the licensing status of any investment firm before committing funds. Investors seeking guidance can reach the SEC via its toll-free line at 0800 100 065, its main line at 0302 768 970–2, or through email at info@sec.gov.gh.

The Commission reaffirmed its commitment to ensuring a transparent and trustworthy securities market, emphasizing that public awareness and vigilance remain critical in combating fraudulent investment schemes.