How to Verify if an Investment Company Is Licensed in Ghana

A 2026 Step-by-Step Guide from Accra Street Journal

Executive Summary

Before you invest a single cedi with any company offering investment products or services in Ghana, you must verify that the entity is licensed by the Securities and Exchange Commission (SEC). This is not optional—it is a legal requirement under the Securities Industry Act, 2016 (Act 929). Any entity operating without a licence is committing a criminal offence .

The SEC has a direct warning to the public: “The General Public is hereby advised to consult the list of SEC regulated entities on our website or call our toll free line to confirm the licensing status of any firm that offers them products or services relating to the Capital Market” .

This ASJ guide provides a step-by-step framework for verifying licensing status, explains what the different licence types mean, and gives you the tools to avoid becoming a victim of an unlicensed investment scheme.

Part 1: Why Verification Is Non-Negotiable

The SEC has repeatedly warned about fraudulent schemes operating without licences. In July 2025, the SEC warned the public about “News GH” and “Ghana News“, entities promoting unlicensed investment products on social media . In November 2025, the SEC warned about “suspected fraudulent investment schemes (also termed ‘money doubling’ schemes)” being advertised on television channels across the country . In 2017, the SEC warned that Menzgold Ghana Limited was not licensed to carry out capital market activities .

The consistent message across every warning: Verify licensing status before you invest.

The cost of not verifying: SEC data from 2018 showed that 119,300 victims lost GH¢59.6 million to just four Ponzi schemes . The Cyber Security Authority recorded 149 online investment fraud cases in 2024 alone, with losses totalling GH¢1.99 million .

Part 2: Step-by-Step Verification Process

Step 1: Contact the SEC Directly

The SEC provides multiple channels for verification:

What to ask when you call:

• “Is [Company Name] licensed by the SEC?”

• “What type of licence do they hold?”

• “Is the licence currently valid and active?”

Step 2: Check the SEC Website for Official Lists

The SEC maintains and regularly publishes lists of licensed entities. You can find:

1. List of licensed capital market operators — This includes Broker-Dealers, Issuing Houses, Fund Managers, Investment Advisers, and other regulated entities. The 2024 Annual Report contains detailed tables of licensed entities .

2. List of entities operating without a licence — The SEC publishes public notices specifically identifying unlicensed entities that are soliciting funds from the public. In July 2025, this list included “News GH” and “Ghana News” .

3. List of entities with pending complaints — The SEC advises the public to check its website for “the status of licensees as well as a list of those with pending complaints” .

4. Public notices and warnings — The SEC issues regular public notices about fraudulent schemes and unlicensed operators .

Step 3: Understand the Licence Types

The SEC issues different licence types for different capital market activities . The table below explains what each licence permits:

Important: A company may hold multiple licences. For example, a financial group might have separate subsidiaries for stockbroking (Broker-Dealer) and fund management (Asset Management).

Step 4: Verify Registration at the Company Level (If Necessary)

The SEC has also warned the public to distinguish between business registration (with the Registrar-General’s Department) and SEC licensing. Registration with the Registrar-General’s Department does NOT mean the company is authorised to offer investment products.

What to check:

• Has the company been registered as a business? (This is required for any legal business but does not permit investment activities)

• Does the company hold an SEC licence? (This is required specifically for capital market activities)

A company may present its business registration certificate as evidence of legitimacy. This is misleading. Only an SEC licence authorises capital market activities.

Step 5: Check Individual Representatives (If Dealing with a Specific Person)

Under the Securities Industry Act, 2016 (Act 929), individuals who act as representatives of licensed entities must also hold valid Dealer’s Representative Licences .

What to ask: “Are you a licensed representative of [Company Name]?”

What to verify: The SEC maintains records of licensed representatives. A company may be licensed, but the individual you are dealing with might not be authorised to act on its behalf.

Part 3: What the SEC’s Records Look Like — Examples

Example 1: Licensed Issuing Houses

From the SEC’s 2024 Annual Report, the following are licensed Issuing Houses in Ghana :

Example 2: Licensed Investment Advisers

Example 3: Licensed Unit Trusts / Mutual Funds

Example 4: Unlicensed Entities (Do NOT Invest)

The SEC has explicitly warned that the following entities are NOT licensed :

The SEC noted: “The SEC has not licensed any of the above-mentioned entities to carry out Capital Market activities, as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929) as amended” .

Part 4: Common Red Flags — When to Be Suspicious

The SEC has identified specific characteristics of unlicensed and fraudulent schemes :

Red Flag 1: Promises of Unrealistically High Returns

What to look for: Promises of “guaranteed” returns significantly above market averages—often 10%, 20%, 40%, or even 70% per month.

Why it’s a red flag: The SEC states unequivocally that “unreasonably high rates of return or interest per month or year” and “proper disclosure on risk and ability to pay are not made by these entities” .

Red Flag 2: Use of Public Figures Without Consent

What to look for: Advertisements featuring photos, videos, or voiceovers of government officials, regulators, or business leaders in a way that suggests endorsement.

Why it’s a red flag: Fraudulent schemes “use the photos, videos, or names of well-known public figures… without their consent to create a false sense of credibility” .

Red Flag 3: “Money Doubling” Language

What to look for: Claims that you can “double your money” in a short period with “little or no risk” .

Why it’s a red flag: The SEC has specifically warned about “suspected fraudulent investment schemes (also termed ‘money doubling’ schemes)” .

Red Flag 4: Faceless Operation

What to look for: No verifiable physical address, no named individuals, anonymous social media accounts.

Why it’s a red flag: Fraudulent operations “often hide behind anonymous or unverifiable social media accounts, websites, or mobile applications” and “do not provide credible physical addresses, license numbers, or contact people” .

Red Flag 5: Claims of “Government Backing”

What to look for: Statements suggesting the scheme is “government-backed” or “exclusively available to registered platform users” .

Why it’s a red flag: The “Gold AI Rise Platform” used “a video with a voiceover superimposed on the portrait of the President of the Republic of Ghana, falsely asserting that the project is government-backed” .

Red Flag 6: Pressure Tactics

What to look for: “Limited time offers,” “act now,” pressure to invest quickly without time for due diligence.

Why it’s a red flag: Fraudsters rely on urgency to short-circuit rational decision-making.

Part 5: What to Do If You Suspect a Scheme

If you believe a company is operating without a licence or is promoting a fraudulent investment scheme, report it immediately to the SEC.

Reporting Channels

The SEC has stated that it is “currently collaborating with law enforcement agencies to clamp down on the people behind these entities”  and that it will “maintain surveillance over activities in the securities industry to ensure orderly, fair and equitable dealings” .

Conclusion: Verify Before You Trust, Trust Before You Invest

The SEC’s public notices consistently emphasise one message: verify licensing status before you invest. The toll-free line is 0800 100065. The website is sec.gov.gh. The cost of verification is zero. The cost of not verifying can be everything.

The SEC’s final word on the matter :

*“The General Public is further advised to refer to the SEC through its toll-free line number 0800100065/main-line number 0302768970-2 or alternatively send an email to [email protected] to confirm the licensing status of any entity offering products or services relating to investments in the Capital Market.”*

Quick Reference: How to Verify Investment Company Licensing in Ghana

Key Reminder: Business registration with the Registrar-General’s Department is NOT the same as SEC licensing. Only an SEC licence authorises capital market activities.

Source: Accra Street Journal 

Last Updated on June 10, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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