The Securities and Exchange Commission (SEC) has warned the public to exercise caution over a growing number of fraudulent investment schemes targeting investors as confidence returns to Ghana’s capital market following the country’s recent economic recovery.
Speaking on Business Focus on Monday, July 20, 2026, Deputy Director-General of the Securities and Exchange Commission, Mensah Thompson described the trend as disheartening, noting that it comes at a time when Ghana’s capital market is beginning to recover from the effects of the domestic debt exchange programme and broader economic shocks.
The Deputy Director-General said fraudsters are exploiting renewed investor optimism by promoting unlicensed investment platforms and unrealistic returns.
He also said improved macroeconomic stability had encouraged many investors who previously exited the market to return, creating opportunities for both legitimate investment and fraudulent activity.
“We’ve seen a lot of investors that exited our capital market gradually returning. It’s a great time for our capital market, but when there is improvement and opportunity, that is where fraudulent people also want to take advantage of the excitement and the general population’s interest in the capital market,” he said.
Thompson highlighted that SEC has been issuing public notices since the beginning of the year to warn investors against unlicensed schemes and encourage them to verify the regulatory status of investment firms before committing funds.
He urged investors to look out for common warning signs, including unlicensed operators, anonymous promoters and promises of unusually high returns.
According to him, fraudsters have also changed their tactics by relying on referrals from existing participants to gain credibility.
“The new scheme that has come up is that they sign up one person and tell them that before they can earn the promised returns, they need to refer another person,” he said.
He warned that such schemes exploit the trust people place in friends and family rather than relying on their own credibility.
“They trade on the integrity and credibility of people rather than themselves because they know that if they approach people directly, many would be sceptical,” Thompson added.
SEC is urging the public to verify that investment firms are licensed before investing and to be wary of offers promising guaranteed or unusually high returns.
By Coffie Mawuedem Noel
