SEC Engages CSA Over Reported CWPC Investment Scam
The Securities and Exchange Commission (SEC) has stated that it is engaging the Cyber Security Authority (CSA) over reports that thousands of Ghanaians may have lost millions of cedis in an alleged investment scam involving Creative Walker Promotion Company (CWPC).
The reported collapse of the online platform, which surfaced over the weekend on social media, has left investors unable to withdraw their funds, triggering fresh concerns over the proliferation of unlicensed investment schemes operating in Ghana.
Deputy Director-General of the SEC, Mensah Thompson, told Citi Business News on Monday, July 20, 2026, that the Commission has scheduled discussions with the CSA to determine how to respond to the reported activities of CWPC and other platforms that have generated complaints from the public.
He noted that the SEC received reports about CWPC over the weekend, after previously receiving complaints about other platforms, including YepBit and BonChat.
“This CSWA [CWPC] came to our attention just over the weekend, and so this morning, I was speaking with the director general for the Cyber Security Authority. I had the cause to speak with him, and so we are having a meeting later this afternoon.
“Hopefully, we may jointly address the press subsequently after the meeting today on the measures that we are taking to resolve these issues that are happening within the market,” Mensah Thompson said.
He said the two institutions are expected to develop a coordinated response to fraudulent investment schemes that continue to attract funds from unsuspecting members of the public.
“We want to sit down with the CSA and then have a holistic conversation about how we deal with these fraudulent investment schemes that are infiltrating our market decisively,” he said.
The SEC's engagement with the Cyber Security Authority comes amid growing concerns over the use of social media, personal referrals and trusted individuals to promote investment platforms whose legitimacy may not have been independently verified.
According to Mensah Thompson, fraudulent schemes are increasingly using known personalities and ordinary individuals as a marketing tool to make their platforms appear credible.
“What these fraudulent schemes have done to sort of manoeuvre their way around the so-called faceless tag is that they use known people to promote these platforms, and it has become more like a marketing tool,” he said.
He said some of the schemes also require investors to recruit new members before they can access returns, a model that can rapidly expand the pool of potential victims.
“So you put the money on the platform, and they tell you before you earn the returns you need to convince another person to come and join or make a referral,” Mensah Thompson observed.
He cautioned investors not to assume that a platform is legitimate simply because it was recommended by a friend, colleague, or another trusted person.
Mensah Thompson said investors must establish who is behind a platform, confirm whether it is licensed by the SEC, and be cautious of schemes promising unusually high returns.
“Check and verify their regulatory status if they are indeed licensed by the Securities and Exchange Commission. Again, if they are promising exorbitant returns, please do not fall victim to these things. If too good to be true, then it is too good to be true,” he said.
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