MINTHow to spot investment scams in Ghana
The warning signs of fake investment schemes and how to check a company with the SEC before you send any money.
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A simple explanation
An investment scam promises high, fast or guaranteed returns, then disappears with your money or pays early "profits" from new investors' deposits. The Securities and Exchange Commission (SEC) regularly publishes names of entities that operate without a licence, and advertising securities products to the public without one is an offence.
Example
A social media page says: "Put in GHS 1,000 and earn GHS 300 every week. Withdraw anytime." Early members really do receive payouts, which are funded by later members. Then withdrawals stop and the page vanishes. Real investments cannot promise fixed returns like this.
Why it matters
Losing savings to a scheme is hard to recover from. A two-minute check before sending money can prevent it.
Key things to know
Warning signs:
- Guaranteed or very high returns, especially daily or weekly.
- Pressure to act quickly or to recruit friends.
- Payment to a personal mobile money number or an unfamiliar account.
- Vague explanations of where the profit comes from.
- Only a WhatsApp, Telegram or Instagram presence, or a lookalike copy of a real company's website.
- Fake screenshots of withdrawals and celebrity endorsements.
How to check:
- Search the company on the SEC licensee list.
- Read the SEC's public notices for warnings.
- Call the SEC toll-free on 0800 100 065 or 030 276 8970 to confirm a firm's licence, or email info@sec.gov.gh.
- Type the official website address yourself. Do not follow links from messages.
- Speak to someone you trust before you pay.
Risks to consider
- A real company's name can be copied, so check the exact entity.
- Friends who recommend a scheme may be victims who have not yet lost money.
Key takeaway
If it guarantees big returns, if it is unlicensed, or if you must hurry, walk away. Verify with the SEC first.
Sources: SEC Ghana, public notices and press releases, SEC Ghana, list of entities operating without a licence, SEC Ghana, licensed fund managers