There will be 'mass funeral' should Menzgold collapse - George Opare Addo

Former Municipal Chief Executive (MCE) of Akuapem North, George Opare Addo says there will be a 'mass funeral' in Ghana should Menzgold collapse.

According to him, there seems to be some mischief or a calculated attempt by some mischievous persons within the State regulators to cripple Menzgold instead of supporting it.

Menzgold Ghana, a company trading in gold collectibles, has been directed to shut down by the Securities and Exchange Commission (SEC) for not having a permit to operate.

The SEC wrote to the company, demanding that all trading in gold without licence be ceased.

It asked the company not to take new contracts (investments) and also halt broadcast and publishing of all its adverts.

This comes after the Bank of Ghana warned customers and the general public from transacting business with Menzgold stating emphatically that it's unlicensed and any individual who deals with it do so at his or her own risk.

Addressing the issue on Peace FM's 'Kokrokoo', George Opare Addo, who is vying to be National Youth Organizer of the NDC explained that Menzgold is a local business established by a Ghanaian and needs support not an attack targeted at disintegrating the gold firm.

“Even if they have flouted the laws, we could deal with this without causing the necessary panic or that panic button we have pressed which is disorganizing everybody . . . The most important thing is whatever we do, we should remember it is a Ghanaian business entity . . . You don’t create crisis in solving a problem . . . We cannot afford to kill Menzgold,” he said.

He noted that the SEC and Bank of Ghana (BoG) should rather hold fruitful negotiations with Menzgold, assisting it to operate successfully.



He also wondered why the SEC and the Central Bank are now acting on Menzgold if they believe the company doesn't have the requisite documentation to transact business.

“All these years Menzgold started their activities, where was the Securities and Exchange Commission? Have they just woken up one morning and realized Menzgold is not operating within the frontiers of the law?” he questioned.