The National Communications Authority together with the Securities and Exchange Commission and National Media Commission has warned FM and television broadcasters to step up scrutiny of investment related advertisements as fraudulent schemes increasingly exploit media to reach the public.
The caution was delivered during an engagement with broadcast stations at NCA Tower where regulators outlined risks posed by unethical advertising and stressed the role of media houses in preventing financial harm to audiences. The joint regulatory approach reflects growing concerns about how investment scams leverage broadcast media’s credibility and reach to defraud unsuspecting listeners and viewers.
As regulators and operators, we are collectively entrusted with ensuring that the airwaves remain safe, credible and in the public interest, stated Bernard Amissah Ocran, Head of NCA’s Engineering Division, speaking on behalf of the Acting Deputy Director General for Technical Operations. This includes exercising vigilance over broadcast content, particularly advertisements and promotions that may expose the public to financial harm.
Amissah Ocran said the engagement was designed to give broadcasters clearer understanding of how fraudulent investment schemes operate and the regulatory consequences of airing misleading promotions. He added that closer cooperation among NCA, SEC and National Media Commission was critical in addressing issues that cut across broadcasting, finance and consumer protection.
The National Media Commission Executive Secretary George Sarpong urged broadcasters to go beyond compliance and actively use their platforms to educate the public on risks that threaten society. He also called for more structured and regular collaboration between regulators and media organizations to respond quickly to emerging threats in the media space.
From the financial regulator’s perspective, Securities and Exchange Commission Deputy Director General Mensah Thompson said investment fraud undermines confidence in both the capital market and the media. He warned that while growth of digital and new media platforms has expanded opportunities for innovation and economic activity, it has also created new avenues for abuse.
Thompson said the joint engagement reflects ongoing efforts by the three regulators to strengthen oversight, improve coordination and protect the public as Ghana’s media and financial ecosystems become more complex. The collaboration demonstrates recognition that effective consumer protection requires coordinated action across multiple regulatory domains rather than siloed approaches.
Ghana has witnessed proliferation of investment scams in recent years, with many schemes using broadcast media to lend legitimacy to fraudulent operations. These scams typically promise unrealistic returns on investments in cryptocurrencies, forex trading, real estate, gold trading or other ventures while using broadcast advertisements to create impression of credibility and regulatory approval.
The National Media Commission has received thousands of complaints about broadcast content including money doubling schemes, investment fraud promotions and other financial scams. In previous interventions, NMC and NCA collaboration identified over 300 incidents on television involving money doubling and investment fraud advertisements broadcast across multiple stations.
The Securities and Exchange Commission has repeatedly warned the public about unlicensed investment schemes operating in Ghana. Many fraudulent operations attract victims through aggressive advertising on radio and television, social media platforms and sponsored content that exploits trust in media brands while evading proper regulatory disclosure requirements.
Broadcast stations face pressure from advertising revenue needs while navigating ethical responsibilities to audiences. However, regulators emphasize that media organizations bear responsibility for vetting advertisements before airing them, particularly those making financial claims or soliciting investments from the public.
The Electronic Communications Act and broadcasting regulations give NCA authority to monitor broadcast content and enforce compliance with technical and content standards. The National Media Commission serves as constitutional body overseeing media ethics and standards, while SEC regulates capital markets and investment activities under Securities Industry Act.
Previous regulatory interventions have included sanctions against stations broadcasting fraudulent investment advertisements. The NMC can recommend license suspensions or revocations to NCA when stations repeatedly violate content standards or fail to exercise due diligence in advertising acceptance.
The warning to broadcasters comes amid broader government efforts to combat financial fraud. The Economic and Organised Crime Office recently recovered over 15 million dollars from international cryptocurrency fraud networks that targeted Ghanaian and British citizens through fake investment schemes, demonstrating the scale of investment fraud affecting the country.
Bank of Ghana has also issued multiple advisories about unauthorized financial institutions and investment schemes, urging Ghanaians to verify legitimacy of financial service providers before investing. The central bank maintains public registers of licensed financial institutions that citizens can consult to confirm regulatory status.
Consumer education remains critical component of fraud prevention. Regulators encourage Ghanaians to be skeptical of investment opportunities promising guaranteed high returns, unsolicited investment offers, pressure to invest quickly, and schemes lacking clear information about risks, fees and regulatory status.
Warning signs of investment fraud include promises of returns significantly above market rates, guarantees of profits with no risk, pressure to recruit others through referral bonuses, difficulty withdrawing invested funds, lack of verifiable company registration or SEC licensing, and reluctance to provide clear documentation about investment operations.
The regulatory engagement with broadcasters represents proactive approach to consumer protection by addressing fraud at the advertisement stage rather than only responding after victims suffer losses. By equipping media organizations with knowledge about fraud tactics and regulatory requirements, authorities aim to prevent fraudulent schemes from reaching potential victims.
Media organizations can protect audiences and their own reputations by implementing robust advertising vetting procedures. Recommended practices include requiring advertiser documentation of regulatory licenses, verifying company registration and business legitimacy, refusing advertisements making unrealistic financial promises, and maintaining records of advertiser information and supporting documentation.
Broadcasters should consult SEC public registers to verify whether investment companies hold required licenses before accepting their advertisements. The Commission maintains searchable databases of licensed securities dealers, investment advisers, fund managers and other capital market operators accessible through its website.
Industry associations including Ghana Independent Broadcasters Association and Ghana Journalists Association have roles in supporting members to meet ethical standards. Previous NMC interventions emphasized need for industry self regulation alongside regulatory oversight to maintain broadcasting quality and protect public interest.
The collaboration between NCA, SEC and NMC demonstrates how effective regulation of complex issues requires coordination across agencies with different but complementary mandates. Investment fraud touches broadcasting through advertising, capital markets through unauthorized investment activities, and media ethics through journalistic responsibilities.
As Ghana’s media landscape evolves with digital platforms, streaming services and social media advertising, regulatory approaches must adapt to new challenges while maintaining core consumer protection principles. The engagement with broadcasters represents recognition that traditional broadcast media remain influential channels requiring ongoing regulatory attention.
International experience shows that investment fraud often exploits regulatory gaps between different oversight bodies. Jurisdictions worldwide have strengthened coordination between communications regulators, securities commissions and media councils to combat fraudulent advertising more effectively.
The warning to broadcasters underscores that media freedom carries accompanying responsibilities to audiences. While broadcasters exercise editorial independence, they also bear duty to avoid facilitating harm to viewers and listeners through inadequate advertisement screening or platforming of fraudulent schemes.
Moving forward, regulators indicated intention to maintain regular engagement with broadcast industry, provide ongoing guidance about emerging fraud tactics, and enforce consequences for stations that fail to exercise adequate due diligence in accepting advertisements for broadcast.
For Ghanaian audiences, the regulatory intervention provides assurance that authorities are taking proactive steps to protect consumers from investment fraud. However, individual vigilance remains essential as fraudsters continuously adapt tactics and seek new channels to reach potential victims.
