The Securities and Exchanges Commission (SEC) has cautioned the public against the business activities of Tizaa Ghana Fund.
It said the company had not been licensed to engage in investing or trading for returns business in the country and as such, its activities were not regulated by SEC.
A statement issued by the SEC and copied to the Ghanaian Times, urged the public not to invest in the company since it was not licensed.
The SEC said Tizaa Ghana Fund had not been licensed by the SEC to carry out any Capital Market activities including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929).
It said Tizaa Ghana Fund was not regulated by the SEC and warned the public not transact business with the company.
It said many social media posts over the past week had drawn attention to Tizaa Ghana Fund, which reportedly promises up to 50 per cent returns on investment in 10 days.
It said the posts indicated the companyreceived monies between GH¢100 and GH¢300,000 for its activities and had registered tens of thousands of people.
“The General Public is advised to be cautions with investing in unlicensed products,” SEC said, adding that “The general and investing public is further advised to consult the SEC through its toll-free line number 0800100065 or main line number 03022768970-2 to confirm the licensing status of any firm offering products or services relating to investments in the Capital Market,” SEC said.
“The SEC wishes to reassure all Market Operators, Investors, and the General Public that it is dedicated to ensuring rigorous implementation of all the rules for operators in the Capital market to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected,” the statement further said.
BY TIMES REPORTER