Deputy Director-General (Finance) of the Securities and Exchange Commission, Mensah Thompson, has cautioned unlicensed individuals against offering investment advice on social media, as increased liquidity fuels a surge in activity on the Ghana Stock Exchange.
In a public statement issued on April 3, 2026, Mr. Thompson noted that the local bourse is experiencing significant growth, driven largely by excess liquidity within the financial system.
“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. Banks are holding so much liquidity, so are Trustees and Asset Managers,” he said.
He explained that much of this liquidity is being channelled into equities, contributing to the market’s upward momentum. However, he stressed that the regulator is closely monitoring developments to ensure stability.
“Most of this liquidity is finding its way onto the stock market. The SEC is keenly monitoring the situation and would intervene when necessary,” Mr. Thompson stated.
Amid the market upswing, the SEC raised concerns over the growing number of bloggers, vloggers, influencers, and pundits offering investment commentary online—often without regulatory approval.
“Let me use this opportunity to remind all Ghanaians that investment advisory is a licensed activity under the Securities Industries Act, Act 929. It is an offense to offer investment advice or run commentary that has the potential to sway the behavior of investors without the requisite license,” he warned.
He further cautioned that reliance on unlicensed advice could expose investors to avoidable financial losses.
“Investors rely on the commentary of unlicensed persons to make investment decisions that has the propensity to cause avoidable losses,” he added.
The SEC has directed individuals providing such content on platforms including TikTok, Facebook, X, and Instagram to cease immediately, warning of imminent enforcement action.
“The SEC is working with the Cyber Security Authority to clamp down on culprits,” Mr. Thompson disclosed.
