SEC Stops Menzgold From Gold Investment Trading

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


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