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Business News of Sunday, 30 September 2018


Menzgold saga: Ghana must stop killing local businesses - MASLOC Deputy CEO

Alberta Afua Akoto, Deputy CEO, MASLOC Alberta Afua Akoto, Deputy CEO, MASLOC

The Deputy Chief Executive (CEO) at Microfinance and Small Loans Centre (MASLOC), Madam Alberta Afua Akoto is worried about the trend in which Ghanaians seek the downfall of the business of their colleagues but tend to hail foreigners making similar exploits.

According to her, out of bad businesses emerge the good ones and therefore it is prudent the citizenry embrace what is started locally rather that employ all avenues available to destroy them.

Wading into the turf war between Chief Executive Officer(CEO) of Menzgold, Nana Appiah Mensah known as NAM 1 and authorities of the Bank of Ghana (BoG), she asked if the country can slow down on how it destroys local businesses.

The post sighted by reads “ I don’t wish to side with BoG or NAM1, but can we slow down with how we destroy our own? One may not get it all right, but like my bestie says it always “Out of bad, comes good” Ghanaian hate to see a Ghanaian make it. But will worship others because they are successful”

Menzgold has sued the Securities and Exchanges Commission (SEC) and the Bank of Ghana, has learnt.

The suit follows an order from SEC for Menzgold to close down its operations.

The suit was filed at an Accra High Court last Thursday seeking a number of reliefs including giving it the opportunity to continue with trading

According to a letter sighted by signed by Paul Ababio Deputy Director General, the decision to suspend the operations of the company according to SEC is in violation of operating permits adding “Accordingly, the SEC hereby directs Menzgold Company Limited to shut down immediately the business of trading in gold collectibles with guaranteed returns to clients which constitutes, in essence, dealing in securities with neither the necessary license nor disclosures authorised by the SEC. No new contracts should be created and all advertising of the investment business halted with immediate effect.”