Musician and Agrohene of Kasoa, Akoo Nana together with a group calling itself Coalition of Concerned Youth of Ghana (CCYG) have embarked on a demonstration exercise to register their displeasure against the Securities and Exchange Commission (SEC) for ordering Menzgold Ghana Limited to shut down its gold vault investment operations.
The demonstration took place at Kasoa in the Central Region, Wednesday, 19 September 2018. The group, clad in red and black, after hitting the streets converged at the Oduponkwei Park to relay its concerns to the government.
While some chanted, “Justice for Menzgold”, others held placards to convey their messages. Some read, “Menzgold is here for Ghana to prosper”, “Menzgold has reduced unemployment” and “Oh Nana Addo, why NAM1?”
Akoo Nana, who had earlier called on President Akufo-Addo to intervene else he would influence his fans to vote against the New Patriotic Party come 2020 reiterated the need for the intervention.
“The President promised job opportunities and today, we have someone bringing job to all these youth. We should all support him. I plead with the President, we should let Ghana be attractive to investors,” he said.
Menzgold temporarily halted operations last week following a directive from the Securities and Exchange Commission (SEC). The company in a statement said it took the decision to help bring some finality to its seemingly unending woes.
According to the SEC, Menzgold has been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission. This, the SEC says, is in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”
But Menzgold insists its services do not breach any regulation.