SEC Flags News GH and Ghana News For Promoting and Operating Unlicensed Investment Products

The Securities and Exchange Commission (SEC) has flagged two social media entities promoting and/or operating unlicensed investment products in Ghana.

They are News GH and Ghana News.

News GH is reported to be advertising an unlicensed investment product called “Gold AI Rise Platform” while Ghana News advertises an unnamed investment product, promising unrealistic returns at no risk.

According to the Commission, these two are not licensed to carry out Capital Market activities as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929) as amended.

It disclosed efforts are underway to clamp down on the people behind these entities.

The Commission further warned the public against engaging with unlicensed products.

“The General Public is further advised to refer to the SEC through its toll-free line number 0800100065/main-line number 0302768970-2 or alternatively send an email to info@sec.gov.gh to confirm the licensing status of any entity offering products or services relating to investments in the Capital Market.”

SEC is the statutory body set up by the Securities Industry Act, 2016 (Act 929), as amended by the Securities Industry (Amendment) 2021 (Act 1062), with the object of regulating and promoting the growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.

An essential obligation of the SEC is to maintain surveillance over activities in the securities industry and to protect investors by publishing at regular intervals information it deems relevant to the public.

Source: https://opemsuo.com/author/hajara-fuseini/