The Securities and Exchange Commission of Ghana (SEC) has warned the general public against the activities of Ponzi schemes in the country.

SEC asked the public to be on guard and report any such activities to the security agencies for the necessary actions to be taken.

SEC recently warned the public against some schemes including the TIZAA GHANA FUND, saying it has not been licensed by the Securities and Exchange Commission (SEC) to carry out any Capital Market activity including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929). TIZAA GHANA FUND is therefore not regulated by the SEC.

“The General Public is advised to be cautious with investing in unlicensed products. The general and investing Public is further advised to consult the SEC through its toll-free line number 0800100065 or main line number 0302768970-2 to confirm the licensing status of any firm offering products or services relating to investments in the Capital Market.

“The SEC wishes to reassure all Market Operators, Investors, and the General Public that it is dedicated to ensuring rigorous implementation of all the rules for operators in the Capital Market to promote the orderly growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.”