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Business News of Friday, 10 August 2018


Menzgold tells PMMC to stay off after telling BoG to shut up

Menzgold Company Limited has disputed claims by the Precious Minerals Marketing Company (PMMC), that it is violating the law in its trade of gold in the country.

Counsel for the company, Kwame Akufo, told Joy News there are records to show that in August 2014, then Menzbank applied for a gold trading license, rubbishing claims they are operating without a license.

“The license was granted after monies and necessary registrations had been paid for. The license was from September 4, 2014, to September 4, 2015. Subsequent to the expiry of the license, my client applied for a renewal which was granted on November 3, 2015, to expire on November 2, 2016.

“There has never been an occasion where the license issued to Menzgold Ghana Limited was revoked by any governmental entity,” he said.

According to Mr Akufo, from 2016, Menzgold did not have to renew its license anymore because the PMMC became an independent assayer.