SEC warns public against unlicensed Mekanism Investment Scheme

The Securities and Exchange Commission (SEC) has warned the investing public against engaging with an unlicensed investment scheme being promoted by Mekanism Marketing Ltd.

In a public notice, the regulator stated that Mekanism Marketing Ltd, also referred to as “Mekanism,” is not licensed, authorized or approved to operate in Ghana’s capital market.

The SEC indicated that any investment activity undertaken by the entity constitutes an unauthorized and illegal capital market activity.

According to the Commission, information available to it shows that the scheme is being promoted online through social media advertisements and other digital platforms to solicit funds from members of the public.

The entity reportedly requests deposits for investment purposes and promises fixed daily returns that vary depending on the amount invested.

SC further noted that participants are required to undertake vague and unspecified activities described as “Job 1” to “Job 10” as a basis for earning daily, monthly or annual income.

The regulator considers the promised returns to be unrealistic and unsustainable, bearing characteristics of a fraudulent scheme designed to lure unsuspecting investors.

Citing Section 109 of Act 929, the Commission emphasized that no person may operate as a market operator, broker, dealer, investment adviser or fund manager without a valid licence issued by the SEC.

It added that persons who contravene the Act are liable to administrative and criminal sanctions. The notice also referenced the Companies Act, 2019 (Act 992), which makes it unlawful to invite the public to invest in a company’s securities without complying with statutory requirements.

SEC says it is collaborating with relevant law enforcement agencies to identify and take appropriate action against individuals behind the suspected scheme.

The Commission urged investors to verify the licensing status of any individual or entity offering investment products or services before committing funds, as part of efforts to safeguard investor interests and protect the integrity of Ghana’s capital market.

Comments

Fitch Solutions retains 2025 growth rate projection at 4.2%

Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...

BoG injects $20m into FX market to support 11 BDCs

The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...

Kofi Ahovi

Search This Blog