The Securities and Exchange Commission (SEC) has written to gold-trading firm, Menzgold Ghana Company, demanding that all trading in gold without licence be ceased.
It has also asked the company which has been on the warpath with the Bank of Ghana, not to take new contracts (investments) and also halt the broadcast and publishing of all its adverts forthwith.
A statement signed by Deputy Director General, Paul Ababio, dated 7th September, 2018, said: "In September 2017, the SEC issued a public notice indicating that it does not regulate Menzgold. The SEC began further investigations into the activities of Menzgold in July 2018. In August 2018, the Commission called for an inter-sectoral meeting that involved the Minerals Commission, Bank of Ghana and the Securities and Exchange Commission. The Meeting concluded that it is evident Menzgold’s activities appear to go beyond the mandate authorised in its licence".
It further added: "It is our expectation that being your licencee, MINCOM, would call Menzgold to order and direct it to conduct its business in accordance with the licence issued to it by MINCOM".
A copy of the statement below
Source: Peacefmonline.com
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Nana please seat up .The economy is getting worse .The young men in" gala" has being stop for destroying the land and water it is good but no work for them.Some banks have collapse due to poor supervision by BOG.Up to now nobody in BOG has been sack for helping these banks to run.There is tension in the system already.This time is on menzgold not that it is collapsing but because banks are not performing .Though people know the high risk involve in menzgold yet they went there .Gov should lead to boost business the proper way not to collapse them .Pensioners,business men , a lot ordinary Ghanaian etc use the place to support themselves and their families.Once again there is tension already .Please Nana and Npp THINK AHEAD.The dollar still going up,one D one F and other policies are not yet in place.
to the varoius banks behind the downfall of menz gold. even if menz gold collapse today, we will never deposit our money in the banks. we will prefer burrying our money in the ground than depositing in the bank. cheaters!!!
It is funny for the gov to fight against this young man.We all know that the banks are behind this .In the past when you put your money in the bank ,after they using for the money for their business they only give tip to the depositor.Then people started putting their money in menzgold. Instead of banks finding another way to draw customers rather they going the African way destroying the competitor .