Following the recent tussle between the Bank of Ghana and Menzgold Ghana Limited over licencing issues and latter’s ability to engage in the business of trading gold collectables, the Securities and Exchange Commission(SEC) has directed Nana Appiah Mensah to shut down his investment operations with immediate effect for contravening the Securities Industry Act, 2016 (Act 929) in a press release dated September 7th 2018.
In a quick rebuttal, Menzgold released its own release press statement claiming the letter by the SEC was distasteful and assuring the general public that the entity is very much in business.
However, management of Menzgold bowed to pressure from the SEC pressure when they announced Thursday morning that it has temporarily halted its collectables and any new business related to its gold vault market with immediate effect.
Although the firm gave all assurances that the temporary halt will be in place for six days, “by which time we believe all pending issues related to the Gold Vault Market Product would have been ironed out.”
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CEO, Nana Appiah Mensah on his Instagram page might have just dropped a hint of Menzgold’s exit from the Ghanaian market.
In a reply to an answer asked by a menzgold investor following his public post, the business mogul indicated that measures are currently underway for traders in Ghana to choose which global office they want their administration to take place and the currency in which to receive monthly payment promptly.
Is this some kind of backup plan by the trading firm in case things do not turn iron out properly with the necessary authorities with regards to licencing and business operations of its gold collectable business, what does this all mean for investors, traders and stakeholders of menzgold and the general public? mehn lots of unanswered questions…
But I guess for now all we can do it to wait out and observe happenings in the next couple of weeks as things play themselves out.
Your opinions are welcome, do share them in the comment section below