The SEC wishes to inform the public and all market operators that in operationalizing the Virtual Asset Service Providers Act, 2025 (Act 1154), the Commission has finalized its regulatory sandbox framework for Virtual Asset Service Providers (VASPs) to pilot their products and services in a controlled environment under the regulatory oversight of the Commission.

The regulatory sandbox period will last for a period of (12) twelve months. After the first six months of the 12-month period, VASPs, whose products and services are market ready and have complied with all regulatory requirements, may be transitioned to their respective activity-based license/registration. VASPs whose product and services are NOT market ready within the first six (6) months may be allowed to continue the pilot of their product for the remaining six months.

This sandbox period aims to support responsible innovation while strengthening investor protection, market integrity, and compliance with anti-money laundering and counter-terrorism financing standards. Lessons from the pilot will inform future policy and licensing frameworks for virtual assets services. This will enable the SEC to gather data to develop Guidelines for the various activity-based licensing categories. The SEC shall publish these Guidelines and open up the space for licensing/registration for all VASPs to apply to be licensed under the Virtual Asset Service Providers Act, 2025 (Act 1154).

The following virtual asset service providers have been admitted into the SEC regulatory sandbox. Their participation in the sandbox provide the SEC the opportunity to validate the draft guidelines on the various activity-based licensing categories under the Schedule in the Virtual Asset Service Providers Act, 2025 (Act 1154).

1. AFRICOIN
2. BLU PENGUIN
3. GOLDBOD
4. HANYPAY
5. HYRO EXCHANGE GH LTD
6. HSB GLOBAL
7. KOINKOIN
8. WHITEBITS
9. VAULTA
10. XCHAIN
11. BSYSTEM LTD

For further information, kindly send an email to [email protected] , call +233-302-768970-2 or the toll-free line, 0800100065, or visit the SEC website at www.sec.gov.gh .

This Press Release is issued pursuant to sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929), as amended and Sections (43-50) of the Virtual Asset Service Providers Act, 2025 (Act 1154).

ISSUED BY

THE SECURITIES AND EXCHANGE COMMISSION (SEC)

DATED: 10^TH MARCH, 2026

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1. INTRODUCTION

1. The SEC, pursuant to its mandate to regulate and promote the development of an efficient, fair and transparent market, seeks to encourage responsible innovation by permitting capital market activities, products, services and business models to be tested in a controlled environment, with the potential for wider adoption in Ghana and beyond, while ensuring investor protection, market integrity and financial stability.
2. These Guidelines shall establish a controlled, live testing environment under the Regulatory Sandbox, subject to defined eligibility criteria, parameters, safeguards, reporting obligations, and supervisory oversight as determined by the SEC. Participation in the Regulatory Sandbox shall be subject to such terms, conditions and restrictions as the SEC may impose.
3. The Regulatory Sandbox shall operate in a risk-based, proportionate and technology-neutral manner, having regard to the nature, scale, complexity and risks of the innovation, and the need to ensure investor protection, market integrity and financial stability.
4. For the avoidance of doubt, these Guidelines shall apply to any innovation, arrangement, activity, entity, system, platform, infrastructure or related function that falls within or relates to the regulatory mandate of the SEC, whether technology-enabled or otherwise, including activities conducted wholly or partly within Ghana or having an impact on the Ghanaian capital market or investors.
5. The SEC shall determine the applicability of these Guidelines and may, where necessary, issue notices, directives, supplementary guidance or impose additional requirements, conditions, or safeguards for their effective implementation and supervision.
6. These Guidelines supersede and replace any previous guidelines or requirements on Regulatory Sandbox in the capital market including Securities Industry (Regulatory Sandbox Licensing) Guidelines 2020 with number SEC/GUI/006/10/2020 issued on 8th day of October 2020.

2. OBJECTIVES OF THE GUIDELINES

1. These Guidelines shall provide a framework for the issuance of Regulatory Sandbox Licences to facilitate the testing of innovative capital market activities, products, services, business models, market infrastructure, or related services for which existing legal or regulatory provisions may be absent, inadequate or evolving.
2. The objectives of the Regulatory Sandbox include, without limitation, to:

• • facilitate responsible innovation that delivers demonstrable value to investors and the capital market;
  • ensure appropriate safeguards for investor protection, market integrity and financial stability;
  • enable controlled and time-bound testing of innovative capital market solutions, including those involving virtual or digital assets and other emerging technologies, within a risk-based, proportionate and technology-neutral regulatory framework;
  • enable the SEC to assess risks, operational models, and regulatory implications of emerging technologies, business models, and capital market arrangements; and
  • support the development of appropriate regulatory frameworks, supervisory approaches, and policy responses based on evidence obtained from Sandbox testing.

Download the full Securities Industry (Regulatory Sandbox Licensing) Guidelines 2026

2.0 Scope
These Guidelines shall be applicable to Market Operators for the financial year 2026.

Download the full Guidelines On Market Levies For 2026

The SEC hereby notifies the General Public of an unlicensed investment scheme being promoted online by an entity known as Mekanism Marketing Ltd, also referred to as “Mekanism”.

1. Regulatory Status

The SEC states unequivocally that Mekanism Marketing Ltd is NOT licensed, authorized, or approved to operate in Ghana’s capital market. Accordingly, any investment activity promoted by this entity constitutes an unauthorized and illegal capital market activity. The investing public is therefore strongly advised to exercise extreme caution and desist from investing in any product or scheme promoted by this entity.

2. Modus Operandi of the Scheme

Information available to the SEC indicates that the entity:

• Use social media advertisements and online platforms to solicit funds from members of the public.
• Requests deposits from participants for investment purposes.
• Promises fixed daily returns which vary depending on the amount invested.
• Requires participants to undertake vague and unspecified activities labelled “Job 1” to “Job 10” as a basis for earning daily, monthly, or annual income.

The SEC considers these promised returns to be unrealistic, unsustainable, and bear features of a fraudulent scheme designed to lure unsuspecting members of the public.

3. Legal Implications

The SEC further cautions that:

• 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.
• 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.
• 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.

Therefore, any person who engages in such unauthorized capital market activities is liable to administrative and criminal sanctions under the laws of Ghana.

4. Enforcement Action

The SEC is collaborating with relevant law enforcement agencies to identify and take appropriate action against the people behind this suspected scheme with fraudulent features.

5. Public Advisory

The SEC urges the General Public to verify the licensing status of any individual or entity offering investment products or services before committing funds.

Members of the public may contact the SEC through the following channels:

• Toll-Free Line: 0800 100065
• Main Line: 0302 768970–2
• Email: [email protected]
• Website: sec.gov.gh

This Public Notice is issued pursuant to Sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929) (as amended).

The SEC reiterates its commitment to protecting investors and maintaining the integrity of Ghana’s capital market.

BY ORDER OF
THE EXECUTIVE MANAGEMENT OF THE
SECURITIES AND EXCHANGE COMMISSION
DATED: 16TH FEBRUARY 2026

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(a) A Fund Manager of Collective Investment Schemes licensed to invest locally shall not invest more than 20% of its funds under management in foreign securities.

(b) A Fund Manager of Collective Investment Schemes licensed to invest 100% or to have substantial exposure to foreign securities is to limit their investment to 70% and retain 30% locally.

(c) Investments in foreign securities shall be in accordance with the definition of securities under section 216 of the Act.

(d) Foreign securities investments shall be allowed only in approved eligible markets as prescribed in Schedule 1, 7(2)(b) of LI 1695.

(e) Investment in foreign securities shall be made to eligible foreign markets where the Regulator in that country is a full signatory to the International Organization of Securities Commissions (IOSCO) MoU, or the Regulator in that country has an information sharing or capacity building MoU with the SEC.

Click on the link below to download the full Directive: Directive To Market Operators On Investments In Foreign Securities For The Collective Investment Schemes

The Securities and Exchange Commission, Ghana, hereinafter referred to as the “SEC”, is mandated under the Securities Industries Act, 2016 (Act 929) to regulate the capital market in Ghana and also mandated under the Virtual Asset Service Providers Act, 2025 (Act 1154) as a co-regulator of virtual assets services in Ghana with dedicated services provided for under the Act.

The SEC wishes to inform the general public and all market operators that, in operationalizing the Virtual Asset Service Providers Act, 2025 (Act 1154), the SEC is finalizing its regulatory sandbox framework specifically for Virtual Asset Service Providers (VASPs). The sandbox shall provide a controlled environment under the SEC’s regulatory oversight to test innovative virtual asset products and services.

Upon the completion of the regulatory sandbox framework, the SEC shall open an application process for the following categories of virtual asset services under the Act to be licensed:

1. Virtual Asset Exchanges and Trading Platforms
2. Virtual Asset Issuance
3. Virtual Asset Tokenization
4. Virtual Asset Exchange Traded Funds (ETFs)
5. Virtual Asset Managers
6. Virtual Asset Brokerage and Investment Advisory
7. Virtual Asset Mining and Validation (On Securities)

The sandbox platform shall support responsible innovation while strengthening investor protection, market integrity, and compliance with anti-money laundering and counter-terrorism financing standards (AML/CFT). Lessons learned from the pilot phase will inform the SEC’s future policy development and licensing frameworks for virtual assets.

For further information, please contact the Securities and Exchange Commission by email at [email protected], by telephone on +233 (0)302 768 970–2 or the toll-free line 0800 100 065, or visit the SEC’s website at www.sec.gov.gh.

This Press Release is issued pursuant to sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929), as amended, and the Virtual Asset Service Providers Act, 2025 (Act 1154).

ISSUED BY
THE SECURITIES AND EXCHANGE COMMISSION (SEC)
DATED: JANUARY 23, 2026

 (NOTICE NO. SEC/VASP/002/01/2026)

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The Securities and Exchange Commission, Ghana, hereinafter referred to as the “SEC”, is mandated to regulate and promote the growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.

The SEC wishes to inform the public and all market operators that Parliament has passed the Virtual Asset Service Providers (VASPs) Bill.

The Bill outlines the legal and regulatory framework for regulating Virtual Assets and Virtual Asset Service Providers in Ghana. The relevant regulatory authorities are the Bank of Ghana, the Securities and Exchange Commission and any other regulatory body prescribed by the Minister of Finance.  All persons and entities conducting virtual asset activities will need to be licensed or officially registered by the SEC or the Bank of Ghana, based on their activity.

The SEC and the Bank of Ghana will issue guidelines and other regulatory instruments to operationalize the Act.

For the avoidance of doubt, the SEC shall license and regulate the following Virtual Asset Services under the Act.

1. Virtual Asset Exchanges
2. Virtual Asset Trading Platforms
3. Virtual Asset Issuance
4. Virtual Asset Tokenization
5. Virtual Asset Exchange Traded Funds (ETFs)
6. Virtual Asset Managers
7. Virtual Asset Investment Advisor
8. Virtual Asset Brokerage
9. Virtual Asset Advocacy (On Securities)
10. Virtual Asset Mining and Validation (On Securities)
11. Virtual Asset Sandbox (On Securities)

The SEC assures the general and investing public of its continued diligence and unwavering commitment to fostering a safe, efficient, fair, and transparent virtual asset ecosystem in which investors are protected, and market integrity is upheld.

For further information, kindly send an email to [email protected] , call +233-302-768970-2 or the toll-free line, 0800100065, or visit the SEC website at www.sec.gov.gh .

This Press Release is issued pursuant to sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929), as amended.

ISSUED BY
THE SECURITIES AND EXCHANGE COMMISSION (SEC)
DATED: DECEMBER 29, 2025

(NOTICE NO. SEC/PR/001/12/2025)

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The SEC wishes to put the General Public on notice about the rise in suspected fraudulent investment schemes (also termed ‘money doubling’ schemes) being advertised on some television channels in the country. These schemes are fraudulent schemes designed to get members of the public to give money for higher returns at little or no risk.

By this Notice, the SEC hereby informs the public that it has not approved, authorized or licensed any of the schemes being advertised on these television channels. The SEC therefore draws the attention of the General Public to these fraudulent activities and advises the Public to be vigilant and to desist from investing in their unlicensed products.

Furthermore, the SEC wishes to caution those involved in these nefarious activities, reference to sections 144 (1) of the Securities Industry Act as amended and 294(1) (b) of the Companies Act, that it is a criminal offence to engage in public invitations and advertisements on securities-related products and services without a license or recourse to the SEC.

The SEC wishes to urge the  Public to call its toll-free line number 0800100065 or main-line number 0302768970-2 or send an email to [email protected] to confirm the licensing status of any firm or group of people offering products or services relating to investments in the Capital Market.

The entities that have been identified by the SEC to have engaged in these deceptive advertisements include the following:

This Public Notice is issued pursuant to sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929), as amended.

ISSUED BY ORDER OF
THE SECURITIES AND EXCHANGE COMMISSION (SEC)
DATED: NOVEMBER 24, 2025

(NOTICE NO. SEC/PN/001/11/2025)

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Click to download the 2024 Annual Report here.

Intended Tender Publication Date: 30/09/2025
Intended Bid Submission Deadline: 13/10/2025

Scope of the Tender:

The Securities and Exchange Commission intends to apply part of its budgetary allocation to fund eligible payments under the contract for the Supply, Delivery and Maintenance of Two (2) Sports Utility Vehicles (SUVs).

Participation to the tender will be possible only for registered suppliers. If your organization intends to participate in the tender and is not already registered in the e-GP system and/ or qualified for procurement competitions, you are kindly invited to register as a Supplier Organisation within the e-GP system – follow the instructions provided upon registration for completing the qualification process – contact the e-GP Helpdesk to obtain any additional information.

Your organisation must already be qualified before the Intended Tender Publication Date in order to be able to participate.

Head of Entity
Dr. James Kluste Avedzi

Invitation for Tenders

Name of Project: Acquisition, Delivery and Maintenance of two (2) 4WD Sport Utility Vehicles (SUVs)

Contract Identification No.:GR/SAEC/GD/0004/2025

1. The Securities and Exchange Commission , the Purchaser , intends to apply part of its budgetary allocation to fund eligible payments under the contract for Acquisition of Sports Utility Vehicles (SUV) towards the realization of the above cited project.

BRIEF DESCRIPTION OF GOODS:

Procurement of two (2) 4WD Sport Utility Vehicles (SUVs)

2. The Securities and Exchange Commission invites sealed tenders from eligible suppliers, manufacturers or their authorized representatives for the procurement of Procurement of two (2) 4WD Sport Utility Vehicles (SUVs). Tendering will be conducted through the National Competitive Tendering procedures specified in the Public Procurement Act, 2003 and in the Guidelines of the Public Procurement Authority of the Republic Ghana.

2.1 Eligible suppliers, manufacturers or their authorized representatives may participate in One or more lots as follows:

3. Interested eligible tenderers may obtain further information from Securities and Exchange Commission and inspect the tender documents at the address given below 22nd 3rd Circular-Road, Cantonments from 09:00-16:00 or the e-GP portal (https://www.ghaneps.gov.gh).

4. A complete set of Tender Documents in English may be accessed by interested Tenderers through the e-GP portal (https://www.ghaneps.gov.gh).

5. Tenders must be submitted electronically through the e-GP portal (https:// (https:// ghaneps.gov.gh) at or before 13/10/2025, 15:00. Tenders shall be valid for a period of 120 days after the deadline of Tender submission. All tenders must be accompanied by an tender security of 2.00 %

6. Late tenders will not be accepted and will not be opened. In order to submit a bid, interested Tenderers must pay a non-refundable participation fee of 1,000.00 GHS. The method of payment will be through the Government Electronic Payment Portal.

Securities and Exchange Commission
Jonathan Eloh
22nd 3rd Circular-Road, Cantonments
+233 302768970
[email protected]

Download the Tender documents below:

1. Invitation for Tenders
2. Advertisement For New Tender