Menzgold CEO Nana Appiah Mensah believes has the company has a bright future and remains upbeat they will overcome their current challenges.
The gold investment company was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC) and Bank of Ghana (BOG) two months ago.
According to the SEC, Menzgold has been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.
However, the claim has been contested by Menzgold as it is certain it is operating within the laws of the country and that it is not subject to the control of SEC.
The stand-off led to Menzgold taking the SEC and Bank of Ghana to court over the body that must regulate the activities of the gold investment company
This led to fears that Menzgold has been crashed and can never bounce back after the crackdown on its operation.
Speaking for the first time since the impasse started three months ago, was Appiah bullish that the company will be strongly rejuvenated after the whole impasse has been laid to rest.
”Menzgold would have a great rebound and will even be greater than our first five years of operation,” Appiah said in an interview on Zylofon FM on Monday, lamenting how the SEC and BOG actions affected their operations.
“I believe there are no challenges in this world that can’t be solved. If there are challenges we must address these challenges for us to be able to sit well with the authorities and do our business.
“We will continue to obey the law and subject ourselves to the authorities. If the authorities think we have erred we will subject ourselves to the law for direction.
“Menzgold will have a great rebound more than what we have done in the past five years.”
Menzgold will resume operations on Monday when it starts migrating customers to an online platform to ensure continuous and smooth operations to investors.
The digital migration also ensures that they will not be bound by the regulatory issues that brought the halt in the operations of the company in Ghana.
Menzgold will start paying 15% of principal of the investors who are keen on terminating their contract from Friday as it seeks to stabilize its operations.
It would be recalled that the Securities Exchange Commission (SEC) in September 2018 ordered Menzgold Ghana Limited to suspend its gold trading operations with the public.
The directive, according to SEC, was based its claim that Menzgold had been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients without a valid licence from the Commission.
The move, SEC explained, was in contravention of “Section 109 of Act 929 with consequences under Section 2016 (I) of the same Act.”
The company however says it does not accept deposits from clients insisting its operations are legal.