Securities and Exchange Commission (SEC) has indicated that it would soon take action on the operations of the gold-buying firm, MenzGold.
According to SEC, it has not given the firm any license to operate.
This follows leaks that the company’s dealings could be likened to derivatives trading which requires approval from the Securities and Exchange Commission.
In an interview with JoyBusiness, Director General of SEC, Rev. Daniel Ogbarmey Tetteh said, “MenzGold doesn’t have a license from SEC and I think we have put out a notice to that effect.”
The Bank of Ghana has also indicated that it would soon take action against the said firm as it is dealing in unlicensed “deposit-taking.”
The Minerals Commission and Ministry of Lands and Natural Resources have also that the license given to MenzGold only allows them to buy and export gold.