The Securities and Exchange Commission (SEC) has issued a stern warning to social media users offering investment advice, as growing liquidity in Ghana’s financial system drives heightened activity on the Ghana Stock Exchange (GSE).
In a Facebook post, Mr. Mensah Thompson, Deputy Director-General of Operations at the SEC, said the recent surge in market activity is partly fueled by excess liquidity among banks, trustees, and asset managers, which is flowing into equities. “The Ghana Stock Exchange is booming and it’s booming for a number of reasons. The performance of the Ghanaian economy has created a liquidity dilemma,” he noted.
Market data highlights this trend: on March 31, 2026, 6.52 million shares traded, valued at GH¢39.03 million, while GSE market capitalization stood at GH¢241.72 billion, reflecting sustained investor participation amid abundant system liquidity.
While the market rally offers opportunities, the SEC expressed concern over the parallel rise of unlicensed investment commentary online, cautioning that providing advice without regulatory approval contravenes the Securities Industries Act, 2016 (Act 929). Mr. Thompson stressed that reliance on such unverified guidance could expose investors to avoidable losses, particularly in a highly active and speculative market.
The SEC confirmed that it is working closely with the Cyber Security Authority to identify and take action against individuals and platforms providing unlicensed investment advice on social media, including TikTok, Facebook, X, and Instagram. “All persons running such commentary must desist immediately,” Mr. Thompson warned.
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The regulator emphasized that while the stock market boom presents opportunities, investors should rely on licensed professionals and remain cautious in navigating a market marked by both high activity and volatility.
