MenzGold, SEC impasse could jeopardize economy – Expert

Dr. Tony Aubeng, Chief Executive Officer of the Ghana Chamber of Mines, says failure of the government to resolve the impass between MenzGold and the Securities and Exchange Commission (SEC) could lead Ghana’s economy into chaos.

The Securities and Exchange Commission (SEC) earlier issued a statement to Menzgold Ghana Company asking them to stop trading in gold without license.

Menzgold Ghana Limited after the SEC’s directive has since halted operations.

Speaking to to pressmen in Accra on Monday morning,  Dr. Tony Obeng asked government to immediately resolve MenzGold’s dealings amicably to prevent customer’s monies from going down the drain.

According to Dr. Tony Obeng, some notable banks have invested returns in MenzGold. He added that some high ranked security personnel have also invested their peace keeping monies and that the collapse of MenzGold will spell doom for such persons.

“If MenzGold collapses, more Ghanaians will be affected than we can imagine. And we Should know that those that will be affected are Ghanaians and at the long run the cost will be incurred by the government,” he said.

He noted that Ponzi schemes are becoming rampant in Ghana and called on the government to tackle the situation.

Lawyers of gold trading company, Menzgold have, however, requested a meeting with the Securities and Exchanges Commission (SEC) over the shut-down of  its operations.|Ghana

Ennimil Arthur

Patrick Ennimil Arthur is a broadcast Journalist, Writer, Video Editor and a Blogger based in the natural resource endowed region of Ghana, Western Region. I write to educate, inform and tell the untold stories in our society. Telling Stories Untwisted Is My Hallmark...

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