The Securities and Exchange Commission (SEC) of Ghana has cautioned the public that anyone operating as a broker, adviser, fund manager, or in other capital market roles without proper licensing will face serious consequences.
In its notice dated February 16, 2026, the Commission stressed: “Under Section 109 of Act 929, a person shall not operate as a market operator, broker, dealer, investment adviser, fund manager, or in any other capital market activity without a valid licence issued by the SEC.”
The regulator further highlighted the legal repercussions for unlicensed operators: “Under Section 206 of Act 929, a person who contravenes the Act commits an offence and is liable to the prescribed administrative and criminal sanctions.”
Additionally, the SEC reminded the public of company law obligations: “Further, under Section 294(1)(b) of the Companies Act, 2019 (Act 992), it is unlawful to make public invitations to invest in a company’s securities without complying with statutory requirements.”
The Commission explained that engaging in any unauthorized capital market activity is illegal and could lead to both administrative penalties and criminal prosecution.
Investors are urged to verify the licensing status of individuals or entities offering investment products before committing funds.
The SEC remains committed to maintaining the integrity of Ghana’s capital market and protecting investors from unlicensed or fraudulent schemes.
