Menzgold has thrown BoG and SEC into conflict, confusion - Afenyo Markin

Alexander Kwamina Afenyo-Markin Member of Parliament(MP) for Effutu constituency in the Central Region, has revealed that the Central Bank is gradually backing off from the Menzgold saga.

According to him, the Securities and Exchanges Commission (SEC) and the Bank of Ghana (BoG) appear to be operating on different wavelengths as far as the matter is concerned for which reason the latter is backing off with an indication it is no longer under its purview.

Speaking last Saturday on Joy Fm’s news analysis programme Newsfile, the private legal practitioner stated “in all sincerity, I have listened to Menzgold, I have heard from Bank of Ghana. I have also listened attentively to SEC, I have read their law. It appears to me that both of them are on different paths. It appears for now Bank of Ghana has washed off its hands from the issue to the extent that it is now SEC clearly tells you that BOG is saying it is no longer our matter but SEC”.

In his view, the SEC must advance its argument properly to determine if Menzgold falls under its purview of supervision or otherwise taking into cognizance the claim by managers of the company that they are not engaged in securities trade to warrant authorization from SEC.

“SEC must make clear what its argument is. The man says my line of business does not fall under your regulation so you cannot regulate me. But can we also say the nature of the business being undertaken by this company and the risk involved must we allow them to operate without any regulation? And if there is no such regulation what must we do as a state?” he quizzed.