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 to desist from transacting business with Menzgold, stating that it’s unlicensed and any individual who deals with it does so at his or her own risk.
Some sympathisers of the company have begun a social media appeal with #IstandwithMenzgold and #JusticeforMenzgold with others demonstrating against the State regulators, claiming they’re on a “witch hunt” agenda.
But Kwesi Pratt has asked the Bank of Ghana, SEC and all the appropriate State regulators in the financial sector not to spare Menzgold if indeed they’re not operating within the remits of the laws of Ghana.
He asked the management of Menzgold to comply with the directives of the SEC and acquire the right documents and licence to operate as a gold company.
Kwesi Pratt also called on Ghanaians to reason out why Menzgold hasn’t proceeded to court to present their case if the company believes they’re acting lawfully and that the SEC is oppressing them.
“If what the Securities and Exchange Commission is doing is unlawful, why doesn’t Menzgold go to court? Go to court and present your case…They should go to court and stop the Bank of Ghana, and stop the Securities and Exchange Commission”.
He told Peace FM’s Kokrokoo that Menzgold as any company or individual is not above the laws of country.
“Why should we spare someone saying if his company flouts the law and we’re sanctioning it, it will disturb some people? Whose company you touch won’t worry other people…The Securities and Exchange Commission and Bank of Ghana are protecting us, why then do we fight them?” he questioned.