Show us regulator for gold collectible, jewelry trade – NAM 1 asks government

Troubled gold dealership company, Menzgold Ghana Limited is seeking clarity on which government agency is responsible for regulating the sector so it can follow up with the necessary certifications to reactivate their business.

The Securities and Exchange Commission in September 2018 ordered gold trading firm, Menzgold Ghana Limited, to suspend their operations with the public.

In a letter dated September 7, SEC said it has thoroughly investigated the activities of Menzgold and has found that the Nana Appiah Mensah-owned firm does not have the license to trade in gold collectibles from the public.

The statement explained that interactions with representatives of Menzgold confirmed to SEC the view that the aspect of Menzgold’s business which involves purchase and deposit of gold collectibles and guaranteed returns is a capital market activity under Act 929 without a valid license issued by SEC which contravenes the law.

But addressing a Press conference in the Capital,Accra the CEO of Menzgold, Nana Appiah Mensah, popularly known as NAM 1 asked government to "…clearly give directions as to which government agent or agency has jurisdiction to regulate gold collectible or jewelry trade in Ghana just so we can apply for the necessary certifications in order to proceed with our business in a fair and sound manner.”

He added: "As we have publicly demonstrated, we’re open to fair supervision and are opposed to No supervision, misconceived supervision or supervision with malicious intent…”