The Ghana Securities and Exchange Commission (SEC) has warned the public against falling for rising money-doubling schemes in the country.

These schemes, according to SEC, are being aired by some television stations, and these thirty-three stations have been flagged by the regulator. The regulator shared this in a statement, where it warned that these schemes have been designed to lure the public into giving money for higher returns at little to no risk.

Consequently, it has warned that these activities being advertised have not been approved by its outfit, hence the need for members of the public to stay away.

“The Securities and Exchange Commission, Ghana, hereinafter referred to as the “SEC”, is mandated

to regulate and promote the growth and development of an efficient, fair and transparent securities

market in which investors, and the integrity of the market are protected. The SEC wishes to put the General Public on notice about the rise in suspected fraudulent investment schemes (also termed ‘money doubling’ schemes) being advertised on some television channels in the country. These schemes are fraudulent schemes designed to get members of the public to give money for higher returns at little or no risk.

“By this Notice, the SEC hereby informs the public that it has not approved, authorised or licensed any

of the schemes being advertised on these television channels. The SEC therefore draws the attention of

the General Public to these fraudulent activities and advises the Public to be vigilant and to desist from

investing in their unlicensed products,” parts of the statement read.

issued a strong warning to the public after identifying 33 television stations airing suspected fraudulent “money-doubling” investment schemes across the country.

In a public notice, the Commission said these schemes promise unusually high returns at little or no risk — a classic tactic used to deceive unsuspecting Ghanaians. It stressed that none of the operations being advertised have been approved or licensed to carry out investment activities in Ghana.

“The SEC hereby informs the public that it has not approved, authorised or licensed any of the schemes being advertised on these television channels,” the regulator said, urging viewers to be vigilant and avoid falling victim to such scams.

According to the Commission, operators of these schemes are in breach 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. Those involved could face criminal prosecution.

“Furthermore, the SEC wishes to caution those involved in these nefarious activities, reference to sections 144 (1) of the Securities Industry Act as amended and 294(1) (b) of the Companies Act, that it is a criminal offence to engage in public invitations and advertisements on securities-related products and services without a license or recourse to the SEC”, the statement continued.

Section 144(1) of the Securities Industry Act, 2016 (Act 929) prohibits unlicensed public invitations for investment services and section 294(1)(b) of the Companies Act, 2019 (Act 992) bars unregistered entities from inviting the public to invest.

As part of measures to crack down on these scams, the SEC has urged the public to “call its toll-free line number 0800100065 or main-line number 0302768970-2 or send an email to info@sec.gov.gh to confirm the licensing status of any firm or group of people offering products or services relating to investments in the Capital Market”.

Among the TV stations that have been flagged are Advice TV, Adwumpa TV, Akyedie TV, Diamond TV, VIP TV, XTV, and Happy TV, among other stations.

Find all the 33 stations in the table below:

In mid-June, the National Communications Authority (NCA) ordered a total of 62 FM broadcasting stations to immediately suspend operations on their respective frequencies due to persistent violations of regulatory requirements.

The non-compliant stations violated Regulations 54 and 56 of the Electronic Communications Regulations, 2011 (L.I. 1991) and the Conditions of their FM Broadcasting Authorisations.

Asaase Radio and Wontumi Radio were among the affected stations. Founder of Asaase Radio, Mr Gabby Asare Otchere-Darko, revealed that his outfit was supposed to renew its licence in October last year but only did so in December.

Asaase Radio was set to commemorate its 5th anniversary on Saturday, June 14. "Yes, it’s true. Asaase Radio 99.5, which celebrates its 5th anniversary Saturday, has been shut down. The General Manager informs me that it’s because the station was delayed in renewing its licence last year. It was to be renewed by October, but only done in December 2024," Gabby Otchere-Darko wrote on X.

Per a statement issued by NCA, this action follows a directive issued by the Minister for Communication, Digital Technology, and Innovation, Sam Nartey George, mandating the authority to enforce applicable sanctions on stations found to violate the regulations in the recent audit conducted to ensure full compliance with licensing and operational requirements in the broadcasting sector.

The NCA has thus commenced enforcement of regulatory sanctions against the defaulting entities identified in the Frequency Audit Report in phases. The categorisation of infractions under the first phase includes 28 stations operating with expired authorisations. Some of these stations were ordered by the NCA in 2024 to cease broadcasting, but have persisted in their illegality. This represents a violation of Section 2 (4) of the Electronic Communications Act. 2008 (Act 775).

The NCA noted that it acknowledges the vital role radio stations play in national development; however, it is imperative that all authorisation holders strictly adhere to the regulatory requirements and conditions of their authorisations. The NCA warned that failure to comply with its recent directive shall constitute an affront to the prescribed conditions for FM broadcasting with grave consequences for their authorisations.

In early August, the Minister for Communications, Digital Technology and Innovation, Sam Nartey George, revealed that a majority of the radio stations that were provided amnesty to meet regulatory requirements after being shut down have begun regularising their paperwork.

Providing an update to the public as part of the Government Accountability Series on August 1, the minister revealed that 58 out of the 64 radio stations are correcting their wrongs.

"About five weeks ago, the ministry issued a directive to the NCA to shut down 64 radio stations. The President, H.E. John Dramani Mahama, intervened and requested amnesty, which we granted, a 30-day amnesty. Of the 64 radio stations, 58 of them have written to the NCA and started the process of regularising their paperwork," he said.

He, however, noted that the 64 stations were just the first batch of the radio stations that were not complying with the laws.

"However, you’d recall that I indicated that the total number of radio stations in default was 210. The 64 was just not one phase. We expect that the public sensitisation with the first batch of 64 would have compelled the others to have taken steps to rectify their anomaly."

As such, the sector minister noted that "for all those who have failed to take any step, there will be no further public announcement on it. There will be simple enforcement to protect the public resource."