Deputy Minister of Finance, Charles Adu Boahen has said that Gold dealership and trading firm, Menzgold has no business in keeping the returns and profits of customers.
According to him, the licenses of the firm which has been withdrawn does not affect the deposit of customers.
Mr. Adu Boahen was responding to a question from a participant at the JoyBusiness Financial Services Forum.
The Forum was under the theme: the changing tide of Ghana's Financial services sector, the cause, the cost, the clean-up.
He said, “Menzgold’s activities came under the SEC regulations and what they were doing was considered to be trading and they did not a license to trade so in the current capacity of what they were doing their license has been revoked and they have not been able to prove and evidence why they should be reinstated."
"So as far as I’m concerned from what I understand from the SEC they are not allowed or they do not have the license to trade and therefore...however, nothing prevents them from paying depositors back."