The Securities and Exchange Commission, (SEC) has vowed to clamp down on unlicensed online investment entities, defrauding the public with unrealistic investment products.
The Commission has tightened enforcement, enhance education, and improve regulatory framework to ensure a sanitised investment climate.
Speaking at the second edition of the ‘Time With SEC’ programme, in Koforidua, the Director-General, Dr. James Klutse Avedzi, revealed that a newly amended Securities Industry Act is expected to be passed into law by the end of 2026.
This, he said will empower SEC to clamp down on illegal investment schemes that have taken new shape and form.
“The SEC is strengthening its oversight and regulatory powers. The overhaul of the Security Industry Act, Act 929 of 2016 as amended by the Security Industry Amendment Act Of 2021, Act 1062 will be a more robust act for effective regulation,” he said.
According to him, the call has become necessary due to the rise in ponzi schemes, surfacing on social media and other online platforms.
“We are working closely with the Ghana Police, EOCO, the Judiciary and the Attorney General’s Department to ensure that individuals and entities that defraud investors face the full consequences of the law.”
He disclosed that the new bill has so far gone through extensive review and will soon be submitted to the Finance Ministry for consideration and onward submission to the Attorney General’s Department.
“It will subsequently be laid before parliament before passage into law. Potentially, before the end of next year 2026, all things being equal,” he said.
Dr. Avedzi stated that SEC will collaborate with the judicial arm of government and law enforcement agencies to clamp-down on online fraudulent schemes which promises unrealistic returns.
The ‘Time With SEC’ is a flagship programme of the Securities and Exchange Commission aimed at educating the public on sound investment practices and other services offered by the commission.