Customers’ Deposits Safe, We’re Complying With Authorities – George Quaye

Head of Communications at Menzgold Ghana Limited, George Quaye, has assured clients of the gold-trading firm that their investments with the company are safe.

In an interview with Power 97.9 FM’s Oheneba Boamah Bennieh on Power  midday news Wednesday, he entreated the clients not to panic over their deposits following a directive from the Securities and Exchange Commission (SEC) to halt gold trading investments.

He said the company was duly lincensed by the Minerals commission to buy and export gold contrary to what is being bandied in the country.

“Our business is legitmate and we are ready to serve our customers,” he stated as he explained that the company’s lawyers are working to get things in order.

“The Minerals Commission gave us license to operate. We are not a bank,” he explained.

Mr Quaye’s comments were in reaction the Securities and Exchange Commission’s directive for  Menzgold to halt its operations including trading in gold without license.

The Halt

In a letter dated September 3, 2018 and signed by Deputy Director- General of SEC, Paul Ababio, indicated that the company’s activities had gone “beyond the mandate authorised in its licence” after the Commission had investigated it.

The letter addressed to the CEO of Menzgold, Nana Appiah Mensah said “In September 2017, the SEC issued a public notice indicating that it does not regulate Menzgold.”

Nana Appiah Mensah, CEO of Menzgold

The SEC also said after “further investigations” in July 2018, the Commission called for an inter-sectoral meeting in August 2018 that involved the Minerals Commission, Bank of Ghana and the Securities and Exchange Commission which concluded that Menzgold’s trade had gone beyond what it was mandated to trade in.

“It is our expectation that being your licencee, MINCOM, would call Menzgold to order and direct it to conduct its business in accordance with the licence issued to it by MINCOM,” SEC said in its letter.

But Mr Quaye further assured that customers should not be worried since they bare working with the SEC and the Bank of Ghana to restore calm.

“We [Menzgold] are not lawless… We are ready to comply with authorities to ensure that our customers’ monies are safe,” he assured.


Story by: Henryson Okrah/Ghana/