The Securities and Exchange Commission (SEC) has announced that Menzgold Ghana Limited, an investment company has not been licensed to operate in the capital markets.
In a notice published in the Monday, October 2 edition of the Daily Graphic newspaper, the SEC informed the general public that Menzgold Ghana Limited has "neither been licensed nor their adverts sanctioned by the Securities and Exchange Commission (SEC) to carry out any activity in the capital market".
According to the notice, Menzgold is not an SEC-regulated entity because its operations contravene section 3 (c) of the Securities Industries Act, 2016 (Act 929) which deals with the registration, licensing, authorization and regulation of entities in the securities market.
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The SEC reassured Ghanaians of its commitment to ensuring the protection of all investors who patronize the products/services offered by licensed capital market operators.
The activities of Menzgold Ghana Limited were in the spotlight two months ago due to a similar statement by the Bank of Ghana (BoG), cautioning the general public against depositing money with the company because it has not been licensed to take deposits.
The Second Deputy Governor of the Bank of Ghana, Dr Johnson Asiamah, said the company was licensed by the Minerals Commission to buy and sell gold but had veered into accepting deposits from unsuspecting customers.
Menzgold, however, denied the claims by the Bank of Ghana, stating that the company does not accept deposits from customers because it is not a financial institution.
Read also: "Don't deposit at Menzgold"-Bank of Ghana cautions
 Menzgold dismisses BOG claims of operating illegally