Atik Mohammed has asked the Securities and Exchange Commission as well as the Bank of Ghana to renegotiate with Menzgold in order to legitimize their gold collectible business.
The Securities and Exchange Commission (SEC) wrote to the gold-trading firm, asking them to shut down demanding that all trading in gold without licence be terminated.
It has also directed Menzgold not to take new contracts (investments) and further halt the broadcast and publishing of all its adverts.
Addressing the issue on Peace FM's 'Kokrokoo', Atik Mohammed told host Kwami Sefa Kayi that "this Menzgold issue has been needlessly publicized. Matters of investment, matters of banking and so forth; look, sometimes, discretion is of essence".
According to him, it is not appropriate to seek to cripple Menzgold which has employed lots of Ghanaian youth.
To him, the regulatory institutions should hold discussions with management of Menzgold and its owner, Nana Appiah Mensah, and find ways to give them licence to operate legitimately instead of causing "panic" among its customers and the general public.
“The idea should be to get them regulated but not to close down a business which we know people have made investments in . . . get them to apply to be licensed. That’s what you should do so that you can begin to exercise those regulatory powers over them,” he said.
Atik further reposed confidence in Nana Appiah Mensah, saying “I’m not sure he’s that lawless as to turn down an invitation to regularize his operations if indeed what they’re doing should come under SEC . . . We need to just understand the module he’s operating”.