Our SEC No Objection
take a look at the SEC No Objection
SEC ref: SEC/DG/GrowFMe-Operations/10/20
13th October, 2020
Your letter dated 21st August, 2020 on the above subject matter refers. The subsequent related meeting held on Tuesday 31st August, 2020 in our offices brought more clarity to our understanding of the nature of operations, as follows;
- That your company is duly registered Limited Liability Company with the Registrar of companies.
- That you are a GCX Brokering Member with a valid Membership Certificate and ID Card.
- That your operations are general towards linking farmers to the GCX.
- That your operations are based on a computerized and secured platform which enables you to manage your farms and provide access to investors or sponsors to invest in farming.
- For the reason above, you have a license of Authorization from the National Communication Authority
- You also intimated and provided an assurance that your funds raising is very transparent and passes through an ABSA payment system.
- You have formally applied to be part of the Securities and Exchange Commission’s ‘sandbox’ regulatory arrangement.
- Securities and Exchange Commission is working on a formal regulatory framework for crowdfunding platforms operating in Ghana. In the interim and based on the above clarifications and understanding, we have no objection to your present operations or business model.
For the purposes of investor interest and protection, you are required to comply with the following requirements;
- That "Grow For Me" should give the Commission unfettered access to its dashboard to monitor its activities in respect of;
- Financial information on its crowdfunding and fundraising activities for their farms.
- Land information – Size and acreage under cultivation.
- Crop Information – Number and types of crops under cultivation, crop schedule etc.
- Sponsors or information on investors; KYC/ AML information
- Farms information – Performance of the crops, yield etc.
- Out – growers information
- Off – takers information
- Access to dashboards on bank payments and transactions
- In addition to the above, "Grow For Me" shall provide the Commission weekly, monthly, quarterly, and half-yearly reports on the following;
- Revenue streams (Funds raised) with details of sponsors / investors and use of the funds.
- Detailed information on their sponsors/ investors their origin or nationality and their contributions or size of investments including currency types.
- Trades done
- Expenses and payments made to sponsors/ investors
- GPS Conditions of the farms
- Excel Sheet of Farms and farm size
- State of the company and team
- An Annual audited financial statements ( To be provided not later than March on the following year)
For further information, you would have to obtain a license or certificate to operate as soon as our regulatory framework or crowdfunding platforms are ready.