President Akufo Addo has asked Ghanaians to learn the necessary lessons from the Menzgold crises even as the authorities try to unravel the circumstances surrounding the issue.
The Securities and Exchange Commission (SEC) in 2018 asked embattled Gold trading firm, Menzgold, to stop gold trading operations with the public.
According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.
President Akufo Addo delivering the State of the Nation Address in Parliament Thursday stated that the MenzGold debacle is a tragic phenomenon that appears to have occurred in plain sight, and affected a lot of people, in spite of warnings from official institutions.
“As the authorities try to unravel the intricacies of the MenzGold saga I admonish Ghanaians to learn the necessary lessons, even as State institutions work to bring a resolution and those who indulged in criminal activities, are brought to justice,”he said.
Akufo Addo noted that the existence of a body such as the newly-inaugurated Presidential Financial Stability Advisory Council will have forestalled the emergence of the Menzgold saga. He added that the Presidential Financial Stability Advisory Council will make it difficult, in future, for any such scheme to get off the ground.
Ghana | Atinkaonline.com
