Regulators of Ghana’s financial services sector, Bank of Ghana(BoG) and the Securities Exchanges Commission(SEC) has stated that, it had, on numerous occasions over the years, warned customers of Menzgold to desist from investing monies in the company as it was not licensed as deposit or asset management company.
According to the country’s regulators of financial services, BoG and SEC, as at April 2016 it has cautioned the customers of the gold dealership firm that the activities of Menzgold Ghana were not monitored by the financial services regulators since it wasn’t granted the necessary license to run the affairs of the firm, therefore, the regulators of financial services is not clothed with any legal mandate to refund monies to the clients.
This comes at the back, after the gold dealership entity renege on its contractual obligations to its customers resulting to recent agitation, demonstration and media complaints by some aggrieved customers of the entity, leading to frequent quest of the government to aid in refunding of their gold or expected profits to them and also arrest the directors and operators of the company, generating a lot of brouhaha in the country.
In a news release signed by the Deputy Minister in charge of Information, Kojo Oppong Nkrumah, President Nana Addo Dankwa Akuffo-Addo has not endorsed the company, its officials nor its operations, adding that the government has not aided the operations of the company, as it being bandied by some political gurus of the opposition National Democratic Congress(NDC).
The government has urged Ghanaians to debunk the NDC’s use of photographs, where CEO of Menzgold Ghana, Nana Appiah Mensah is being sighted with top officials at the Ghana Football Association(GFA) and Confederation of African Football(CAF), including the president of the 4th Republic of Ghana, Nana Akuffo-Addo taken at the Jubilee House.
Regulators of Ghana’s financial services urged customers whose obligations have not been met by the company to entitled to seek legal remedy to retrieve their funds paid to the company ostensibly to buy gold, adding that, the state cannot resort to the use of taxpayer’s monies to refund customers monies.
According to the regulators of Ghana’s financial services, the Police service has, subsequently, issued an arrest warrant pursuant to these reports, and has, accordingly, informed Interpol to assist in the search for the arrest of Nana Appiah Mensah and two others to assist in investigations.
By: Gerrard-Israel
