The CEO of the gold-trading firm, Menzgold, Nana Appiah Mensah, cares about the progress of Ghana and his mission is for a better Ghana, rapper, Sarkodie has said.
“One man doing the most for our beloved country Ghana. Knowing him personally, he genuinely cares about the country’s progress … Might not know the ins and outs but one thing is for sure – the Nam1 mission is for a better Ghana ???????? Bless @mn_appiah,” the multiple award-winning rappers said.
Sarkodie’s post comes on the heels of the ongoing tussle between Menzgold Ghana Limited and the Security and Exchange Commission (SEC).
According to SEC, Menzgold does not have the licence to do investment trading in gold, and, therefore, has directed the company to stop its investment operations.
In a 7 September 2018 letter signed by Deputy Director General, Paul Ababio, SEC said: “In September 2017, the SEC issued a public notice indicating that it does not regulate Menzgold. The SEC began further investigations into the activities of Menzgold in July 2018. In August 2018, the Commission called for an inter-sectoral meeting that involved the Minerals Commission, Bank of Ghana and the Securities and Exchange Commission. The Meeting concluded that it is evident Menzgold’s activities appear to go beyond the mandate authorised in its licence”.
The SEC added: “It is our expectation that being your licensee, MINCOM, would call Menzgold to order and direct it to conduct its business in accordance with the licence issued to it by MINCOM”.
It follows several warnings from the Bank of Ghana to the local gold firm, to stop trading in gold without a licence.
This has forced Menzgold to temporarily halt its business in relation to all extra value payments and any new business related to its Gold Vault Market.
Aside from Menzgold, Nana Appiah Mensah is also the CEO of Zylofon Media, which has signed many music and movie stars onto its record label with the mission of promoting the entertainment industry.