It’s another Wednesday morning, and I ask, what can be said of the troubles looming around Menzgold? Well I know for a fact that it is not yet over.
As at 7:30 am today, customers of the gold company were left stranded at the front gate of their premises.
There hadn’t been any official communication and in the absence of that some customers who seem troubled were seen at the premises (maybe to solidarize) but I hope there is a reason for the delays.
And I hope that ultimately the worries of their customers are addressed.
It was reported somewhere last week that, agencies of Government of Ghana i.e. the Security and Exchange Commission instructed Menzgold to halt their operations.
This came in the wake of measures to clean up the financial sector (spearheaded by the central bank).
The BoG has maintained that Menzgold needs some sort of licensing. Initially the central bank went after the company but it seems the Securities and Exchange Commission has the legal mandate to oversee the activities of Menzgold.
SEC has determined their activities to be within the threshold of their licensing regime thus the need to be licensed to operate as a securities company as well as a gold trading firm (which they are already licensed to be by the Minerals Commission).
Menzgold however, is of high conviction their operations are no where near the jurisdictions of these agencies and should not be compelled to succumb to any pressures mounted unnecessarily on them.
So far they have withheld their day to day activities but assured customers and the general public to keep calm while everything is sorted out.
Customers so far have threatened to go on naked demonstrations, have called out the Akufo-Addo led administration and are threatening to punish government electorally if they go ahead and close down the company they have come to like so much.