The Bank of Ghana (BoG) has thrown its weight behind the Securities and Exchange Commission (SEC) for shutting down gold-trading firm Menzgold Ghana Limited.
The Central Bank has also denied claims that it intends pumping U.S$6 million into Menzgold Ghana Limited on behalf of the government of Ghana towards rescuing the embattled firm.
Some publications on social media had claimed that Menzgold Ghana was to benefit from a U.S$6 million investment and rescue package from the state to ensure its sustainability.
The publications claimed the money was to be channeled into Menzgold at the behest of President Nana Akufo-Addo.
The Chronicle would like to ask that if everything is right with Menzgold, why would the state be thinking of pumping the taxpayer’s money to rescue it?
The SEC ordered the company to suspend its gold vault marketing operations over certain regulatory infractions, a situation which the legal advisor to the gold-trading firm, Kwame Akuffo, said smacked of unfairness.
The Central Bank, which in the past issued several warnings to the public against dealing with Menzgold, says, in its view, Menzgold was more or less taking deposits to which it disagrees.
The Chronicle is not against local businesses, but we are at a loss as to why some Ghanaians believe that the BoG or the SEC would just act the way they have on Menzgold without it being in the interest of the same Ghanaians.
We really think there is the need for us, as a country, to avoid playing the high risk game all in the name of doing business and making money.
Ever since Menzgold emerged, the company has been fighting everybody over its modus operandi, except its clients, who, at the moment, think because they are making money, there is no need to safeguard their investments.
But, The Chronicle would like to remind the entire Ghanaian populace that at no point in Ghana’s history has the BoG issued a warning about the operations of any financial company, which has turned out to be a false alarm.
What we must all take critical notice of is that there are several companies in the country whose operations involve taking money from their clients, but the BoG does not go warning the public against them.
We only hear the BoG identifying very few ones whose operations are suspicious, and accordingly, alerts the public to be careful in dealing with them.
In most cases, it is how these suspicious companies flout the regulations governing their operations which the BoG fights.
To The Chronicle, there are enough instances in the country of companies which came into the system and wooed clients with mouth-watering gains, but, in the end, million of cedis were lost.
We would, therefore, appeal to well-meaning Ghanaians to make enough money as possible, but let us try, as much as possible, to avoid high risk ventures which potentially could affect the national economy when so much investment goes waste.