Head of the Finance Department, University of Cape Coast Business School, Professor John Gatsi, says the decision by the Security and Exchange Commission (SEC) to stop Menzgold Ghana Limited from trading on the stock market is not right.
Speaking on GBC’s Current Affairs Programme, “Behind the News”, Professor Gatsi said the current posture of the regulator may reduce confidence in activities of Menzgold.
He said the company should be given some time to apply for license and operate within their remit.
Meanwhile, Menzgold Ghana Limited has condemned what it describes as needless leak of a meeting it had with the Securities and Exchange Commission (SEC).
The gold trading company said the leak to the media of a confidential meeting is in very bad faith and distasteful as it defeats the confidence in the body and is an affront to cooperation.
The company in a statement said in the wake of the Bank of Ghana’s warning to the public to desist from doing business with the organisation, it availed itself to all relevant State Institutions for various consultations and dialogues designed to arrive at a productive and sustainable resolution.
Menzgold’s statement is in response to a directive by the Security and Exchange Commission for the company to suspend their gold trading with the public with immediate effect.
The company said as a law-abiding organisation they have referred the matter to their lawyers and the right action will be taken.
The company further assures its customers that neither Menzgold as a business entity nor any of its products has been shut down.
