Dr James Klutse Avedzi warns against fraudulent investment schemes

Dr. James Klutse Avedzi, the Director-General of the Securities and Exchange Commission (SEC), has issued a strong warning to the public regarding the rise of fraudulent investment offers, particularly those circulating on social media. Speaking at the 'Time with the SEC' program held at Sunyani Technical University on October 15, 2026, Dr. Avedzi emphasized the critical importance of verifying the licenses of investment firms before committing any funds. He urged Ghanaians to resist high-pressure tactics from scammers and to base their financial decisions on individual goals and verified information.

The Bono Regional Minister, Joseph Addae Akwaboa, joined the call for enhanced financial literacy, describing it as a necessary shield for residents against increasingly sophisticated scams. He noted that understanding investment products and their associated risks is essential for the economic development of the Bono Region. The Minister highlighted that while enticing offers may appear attractive, they often mask significant risks that can lead to devastating financial losses. Supporting this caution, Prof. Kwadwo Adinkrah-Appiah, Vice-Chancellor of Sunyani Technical University, shared a personal experience of financial loss from a collapsed investment scheme to illustrate the real-world dangers of unregulated platforms.

To strengthen the regulatory framework and protect investors, Dr. Avedzi announced that the SEC is planning an overhaul of the Securities Industry Act. A key feature of the proposed legislative changes is the introduction of an investor protection fund, which aims to provide a safety net for individuals and boost confidence in the capital market. The Director-General stressed that these reforms are part of a broader strategy to ensure a secure financial future for all Ghanaians by fostering a more transparent and resilient investment environment.

The event concluded with a call for closer collaboration among stakeholders, including educational institutions and local government, to prioritize investor education. By mobilizing savings through legitimate channels, the SEC and regional leaders hope to drive essential economic activities while safeguarding the hard-earned assets of citizens from fraudulent actors.