General Politics

Menzgold’s situation must be handled strategically – Sammy Awuku

Sammy Awuku, National Organiser of the NPP says the recent issues confronting gold dealership company, Menzgold is very dicey and must be handled well.

He noted that considering the quality of the clientele base of the company, it would be better for regulatory bodies to adopt an interactive approach to resolve the matter.

According to him, the establishment seems to be involved with Ghanaians at various levels towards a mutually beneficial end, hence cutting them off entirely would affect so many people.

“I absolutely understand the concerns of SEC, BoG and other regulators but this is one young gentleman who has been contributing to various sectors of the country, so they should handle the issue well,” he submitted on Accra based Okay FM on Friday.

He pushed for an out of public discussion with Menzgold stressing that the aftermath of the problem will not only harm Menzgold but will act as stimulus to spark panic withdrawals which can collapse the firm even before authorities decide to shut it down.

“I would not condone wrong doing on the side of Menzgold as it has been cited to have been flouting regulations to operate. We must also know that government owes a responsibility to citizens to protect the interest of the public; hence the scrutiny by regulators is absolutely on point.

“Over the years we have seen some institutions operating under ponzi schemes, draw masses and bolt with people’s money. That is what government through regulatory bodies are fighting against, not Menzgold as a private operator in business. But considering the extent of involvement of Menzgold with people at all levels make the issue a great concern to all,” he adds.

He thus pleaded with the regulatory bodies to sit down with authorities of Menzgold to resolve the matter to restore confidence in finance sector.

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