Economist, Dr. Lord Mensah said the BoG and the Securities and Exchange Commission (SEC) many not be at fault as regulators in the Menzgold debacle.
Nana Appiah Mensah also known as NAM1; the CEO of Menzgold and Zylofon Media was slapped with a bench warrant by a Ghanaian court after months of agitation by aggrieved Menzgold customers who want their locked up capital to be paid them.
The customers have been staging protest marches in Accra and Kumasi petitioning the country’s leader, Bank of Ghana governor and other notables amid threats of destroying the company’s properties and bodily harm over funds running into millions of dollars.
But Dr. Mensah stated the trouble the regulators had with Menzgold was that the current source of information on a company of interest just shows if a company is registered adding that company can state one thing during its registration and do another later on.
“We must have a system where companies can be identified by operation and not just by registration. If the situation is not amended, investors will continue to invest blindly and the threat of another scheme emerging and taking deposits from people is high,” he stressed.
The loophole in the law where the Menzgold chief insisted his business didn’t fall under the purview of both the BoG and SEC needs to amend by an act of parliament to forestall future incidences.
By Michael Eli Dokosi
