Customers of Menzgold Ghana Limited have pledged their unflinching support to the company indicating that they will continue to deal with the gold trading and investment firm despite warnings by the Securities and Exchange Commission.

The SEC in a letter dated September 7 to Menzgold CEO, Nana Appiah Mensah ordered the company to halt advertising of their investment business and desist from creating new contracts with depositors.
It also asked the company which has been on the warpath with the Bank of Ghana, not to take new contracts (investments) and also halt the broadcast and publishing of all its adverts forthwith.

According to SEC, evaluation of Menzgold’s documentation shows the company does not have the license to trade in gold, and that, its operations are in breach of Act 929 “as well as a threat to unsuspecting and uninformed investors”.

It warned it would be compelled to take “measures under the law” to enforce the directive if Menzgold fails to comply.

“This directive does not preclude you from continuing your other businesses of assaying, purchasing gold from small-scale miners and the export of gold,” the directive signed by Paul Ababio, Deputy Director General of SEC explained.

But GhanaWeb upon speaking to some customers at the head office of the company at Dzorwulu said they trust Menzgold and will not in any way stop doing business with them since they believe they are genuine and have never had problems with them since they started investing with the company.

According to them, they are not perturbed by directives from SEC ordering Menzgold to suspend its investment operations as they believe it is a ploy by the government to collapse indigenous businesses in the country.



Asked why they trooped in their numbers to the company, they claim they only came in to get their dividends and not to withdraw or terminate their contract as speculated.

Some people whose dividends have delayed placed the blame on Bank of Ghana after they directed Menzgold to pay dividends through banks for which the gold firm adhered to by taking their account numbers.

According to them, ever since Menzgold started paying their dividends through the bank, their returns have delayed.

However, Menzgold has urged customers to keep calm and says it is disappointed in SEC for leaking its directive to them in spite of their cooperation and submission to investigations into their business.