Seasoned journalist, Kwesi Pratt Jnr., has descended heavily on Menzgold and its Chief Executive Officer, Nana Appiah Mensah, over the brouhaha involving the gold firm, the Securities and Exchange Commission (SEC) and Bank of Ghana.
Menzgold Ghana, a company trading in gold collectibles, has been directed to shut down by the Securities and Exchange Commission (SEC) for not having a permit to operate.
The SEC wrote to the company, demanding that all trading in gold without licence be ceased.
It asked the company not to take new contracts (investments) and also halt broadcast and publishing of all its adverts.
This comes after the Bank of Ghana warned customers and the general public from transacting business with Menzgold stating emphatically that it's unlicensed and any individual who deals with it do so at his or her own risk.
Some sympathizers of the company have begun a social media appeal with #IstandwithMenzgold and #JusticeforMenzgold with others demonstrating against the State regulators, claiming they're on a "witch hunt" agenda.
But Kwesi Pratt has asked the Bank of Ghana, SEC and all the appropriate State regulators in the financial sector not to spare Menzgold if indeed they're not operating within the remits of the laws of Ghana.
He asked management of Menzgold to comply with the directives of the SEC and acquire the right documents and licence to operate as a gold company.
Kwesi Pratt also called on Ghanaians to reason out why Menzgold hasn't proceeded to court to present their case if the company believes they're acting lawfully and that the SEC is oppressing them.
“If what the Securities and Exchange Commission is doing is unlawful, why doesn’t Menzgold go to court? Go to court and present your case…They should go to court and stop the Bank of Ghana, and stop the Securities and Exchange Commission”.
He told host Kwami Sefa Kayi on Peace FM's Kokrokoo that Menzgold as any company or individual is not above the laws of country.
“Why should we spare someone saying if his company flouts the law and we’re sanctioning it, it will disturb some people? Whose company you touch won’t worry other people…The Securities and Exchange Commission and Bank of Ghana are protecting us, why then do we fight them?” he questioned.
Source: Ameyaw Adu Gyamfi/Peacefmonline.com/Ghana
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MR WISE WE KNOW YOU ARE SENSIBLE THAN EVERYBODY. NANA MENSAH THE CEO IS LAW ABIDING.HE DOSEN'T NEED YOUR ADVICE HE HAS BETTER ADVISERS.
We don't leave in a lawless state. Ghana is a country guided by Rules of Law and people needs to follow those rules, no one is above the laws of the country. How can a company do it business without certificate or Regulatory .
What is being done to menzgold was the same thing they did to Abiola. Abiola's success frightened them and made them jealous so they commanded an assssholle to get rid of him. Nana has been asked to do same to menzgold before they become too powerful.
Kwesi Pratt paaaaah, Massa what is stopping BOG from reducing interest rate to 5 percent?. If they are protecting us why are they manipulating the dorlar to gain strength over the cedi? Massa kwesi Pratt is a CIA. He's doing his job, unpatriotic son of Africa. Fork all you madaforkers who think BOG is legit. BOG is a foreign bank. They will never act in the interest of the country.
Leave menzgold alone!
I couldn't have agreed with u less Don Biko and Ike. All that we are saying is Trading of this nature is very new to Ghana and to the world as such. Don't force Menzgold to operate under an umbrella of regulations that do not exist. Just like crypto currency trading,Gold trading has come to stay!SEC and other regulatory bodies must act swift to bring in new laws that can cover that aspect of trading rather than collapsing them. These are not ponzy schemes.You can trade and earn between 25-30% per month of cryptocurrency with robots. These are not PONZY.They are real.USA in its wisdom is regulating such activities. SEC wake up! Leave Menzgold alone.
I agree with you Nana, we really have a long way to go. As a normal human being, you have to make a good research about an investment firm before you invest your money there. BOG continuously warned the public not to do business with them, but people did out of greed. We were all here when a young guy just like this zylofon media guy, operated this US group of companies. People invested in some tilapia business of his with juicy returns but in the end, what happened? In Ghana, when the rule of law is being enforced, people rather turn against it, just for their selfish interests. This cannot happen in Rwanda. Those backing Menzgold should be ashamed of themselves and if they are doing this because they have their monies there, they should just come to terms with it that it was a chacha thing they were doing. You cant eat your cake and have it.
How long has Menzgold been in business?Regulators,go back to sleep.
I find it interesting that Bog spoke of deposits, SEC is talking of dirivatives back by note or what ever. Does this show confusion among the big bodies. I understand MenzGold is only asking for license relating to Gold as a commodity. Can't Bog and SEC expand the rules to properly deal with this issues and stop bullying them to comply with one's that does not make reference to Gold in the commodity front. The rules are to protect the ordinary Ghanaian, why are the institutions behaving as if the clients with MenzGold are less Ghanaian and thet need the law in order to do business with super Ghanaian. Stop flightening clients and help protect them instead of destroying because of the same law that was to protect them
When these regulatory bodies have become tools and agents of corruption who will trust them to act in the interest of the consumer? Where was BOG when 7 banks collapsed under their noses? They just issued ghc610million of the tax payers money to a group of crookks who shared it among themselves whilst they turned a blind eye to it only to later turn around and say the bank was insolvent! So yes! If the consuming public can't trust the banking sector they have the right and legitimacy of reason to entrust their money with "an unlaw-ful" entity which won't dissipate their funds but dutifully fulfills their contractual obligations! Common sense would support the latter after all the regulated entities are woefully failing! They have been infested with corrupt regulatory officials and I will NEVER put my money in any local bank! I #stand with Menzgold regardless. They are using the cloak of regulatory shortfalls to thwart a thriving business. Those businesses you diligently regulated what is the end product? Yet those empty-headed officials are still at their posts and earning salaries! Now they have the temerity to tell Ghanaians what is lawful and unlawful! It is not only criminal but a serious indictment to supervise the collapse of 7 banks in under a year! They should spare us. Babylons!