Business News of Monday, 2 October 2017
The activities of Menzgold Ghana Limited, an investment company operating in Ghana has been hit with yet another setback following an announcement by the Securities and Exchange Commission (SEC) of Ghana that the company has not been licensed to operate in the capital markets.
In a notice published in the Monday, October 2 edition of the Daily Graphic newspaper, the SEC informed the general public that Menzgold Ghana Limited has “neither been licensed nor their adverts sanctioned by the Securities and Exchange Commission (SEC) to carry out any activity in the capital market”.
According to the notice, Menzgold is not an SEC-regulated entity because its operations contravene section 3 (c) of the Securities Industries Act, 2016 (Act 929) which deals with the registration, licensing, authorisation and regulation of entities in the securities market.
The SEC also reiterated its commitment to ensuring the protection of all investors who patronise the products/services offered by licensed capital market operators.
Menzgold not licensed to do banking – BoG
The announcement by the SEC follows on the heels of a similar statement by the Bank of Ghana (BoG), cautioning the general public against depositing money with Menzgold because it has not been licensed to take deposits.
The Second Deputy Governor of the Bank of Ghana, Dr Johnson Asiamah, said the company was licensed by the Minerals Commission to buy and sell gold but had veered into accepting deposits from unsuspecting customers.