General News of Thursday, 18 October 2018
Private legal practitioner, Ace Kojo Annan Ankomah has, in a sarcastic jest, suggested that the CEO of gold dealership firm, Menzgold Ghana Limited, should be made the Finance minister or even the president for his investment and financial ‘wizardry’
Mr Ankomah said Nana Appiah Mensah’s ability to turn water into wine by paying a 200 percent yearly returns to investors is a miracle that will boost the economy.
“If you have indeed a scheme that can pay 200% a year and government itself is paying 19%, it is revolutionary; we should make you president,” he said.
Speaking at an economic forum organized by Media General, in Accra Thursday, he added that “we should take Ghana’s entire budget and give it to you to manage and sack the finance minister.”
Mr Ankomah said if indeed that is the case, the Securities and Exchanges Commission (SEC) needs to make Menzgold a national property by moving it from the “corner it is hiding.”
The Commission is in a standoff with the gold dealership firm over the company’s mode of operation.
Menzgold offered fat returns on investments but part of its investment operations have now been shut down following a probe by the SEC.
According to Mr Ankomah there is no way any company can operate without any regulation as the laws of the land has adequate provisions to deal with companies taking advantage of the public.
Related: Panic withdrawals hit Menzgold
“So it is an offence [to be operating without a license], SEC can impose a penalty…they have the power to shut you down and require to look at your books.
“if they shut you down and you go back to operating, you will go to jail…so when they go about beating their chest and say nobody can stop us; when they are stopped, they stop because there is jail time,” he said.
For his part, the Deputy Director-General of the SEC, Paul Ababio said the public must ensure companies promising returns on investments are licensed to do so.
“They seem to offer a very high level of return with little to no risk so the question is if there is a certain framework that offers exceptional returns are there any risk within that framework.
“It is important for the public to understand the risk involved in any business. The general rule of the thumb in business is that with greater returns come the possibility of risk. A risk is not necessarily guaranteeing failure but the possibility of it,” he added.