Gov’t position on Menzgold vindicates us, we told Ghanaians we were not under SEC or BoG-Menzgold PRO

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Distressed gold trading firm, Menzgold says government’s position on its predicament vindicates the company’s long held position that it was not under the Securities and Exchange Commission or the Bank of Ghana and therefore could not be sanctioned by the two state entities.

In a statement cataloguing its position on the Menzgold matter yesterday, government said it was not going to use the tax payer’s monies to pay customers of the Menzgold because the company was not a registered one and that customers did not heed series of warnings from government.

But the head of Public Affairs at the company, Nii Armah Armarteyfio said the position taken by government vindicates the company and that the interference by both the SEC and the BoG was illegal as they did not have the power to take the actions they took.

‘’From day one we have told the generality of the Ghanaian people that we don’t take deposits and so we are not under the BoG and so they cannot regulate us. We also said we were not under SEC but they wouldn’t listen to us’’ he said on an Accra based radio station and monitored by

He said the company in the midst of the turbulence remains committed to paying its customers and called for patience from the customers.


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Kennedy Mornah is an Award Winning Ghanaian Journalist with over two decades of experience in the Ghanaian Media landscape spanning the electronic, print and digital media. He is a Media Consultant, a Corporate MC, Radio and TV Host, Founder and Publisher of the Maritime and Transport Digest Newspaper, Businessman, a Go getter and an optimist. He has worked for renowned media organizations including Diamond Fm in Tamale, Luv Fm in Kumasi, Oman Fm in Accra and Starr Fm in Accra In 2017 he received the Reporter of the Year Award at the Ghana Shippers Awards in Accra, Ghana.

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