Home Editorial Quayson Writes : Confused Licensure (Menzgold Case)

Quayson Writes : Confused Licensure (Menzgold Case)

In a country that is striving to empower the private sector and create employment, the government of the day must not be seen as the type that is stifling the initiative of Ghanaian businesses especially those established by the youth. As youth we make a lot of mistakes but that is why elders are there to correct us. A case in recall is Menzgold Gold dealership, an endearing indeginious Ghanaian youthful business set up that within two years have crossed the borders of Ghana to Spain and Nigeria, a beacon of hope for Ghanaian youth. Nana Appiah Mensah has made inroads into the world of Ghanaian business and making massive impact. He is seen to be pouring huge investments in the Entertainment and Arts industry signing artists and entertainers, giving them cars, houses, monies and juicy deals, something that no government in Ghana will ever do. Why do we want to frustrate this young successful entrepreneur with licensure issues when those in the realms of affairs of some of the state institutions and regulatory bodies have clearly failed in doing their job of monitoring and giving licenses to deserving businesses?


You takeover banks that don’t meet up the minimum capital requirement and consolidate those you think have risk management and corporate governance issues but not a gold dealership company that has not defaulted in anything but the issue of confused licensure. If its an issue of license then give it to Menzgold and let them continue with their business for they are a success story in the Ghanaian business industry and a beacon of hope for the Ghanaian youth. Nana Appiah Mensah inspires a lot of Ghanaian youth including myself. We are okay if its Mark Zukerberg of Facebook becoming 5th richest in the world but not when it is our own Nana Appiah Mensah succeeding in Ghana thereby wanting to frustrate this successful Ghanaian enterpreur with regulatory issues. Whatever license he doesn’t have give it to him now and let’s stop this witch hunt and below the belt tactics.

Now we can’t really understand where all this is heading towards with this issue of Menzgold dealership and license issue. The Managing director of Precious Mineral Marketing Company is saying Menzgold are not duly licensed to deal in gold or export it yet it has the statistics of Menzgold being the 4th or 5th gold exporter in Ghana in 2017 or so. Again I over heard him saying Menzgold is not the largest gold exporter in Ghana and also their license for gold dealership have even been revoked. Let’s call a spade a spade, the MD of PMMC is very irresponsible and should not occupy the position he is now. Its a clear case of confirming that he is aware of the dealings of Menzgold but has not taken any action yet and want to ride on the wave of Bank of Ghana communique on Menzgold activities to discredit the company.

Now Securities and Exchange Commission (SEC) are also saying Menzgold is not duly licensed to buy gold from local miners for export unless those they SEC have authorised. I want to get this right so after giving Menzgold the license to deal with small scale miners, they must only deal with those you SEC have authourised otherwise they are in breach? This indeed is very frustrating, what if those you have authorised are not willing to deal with Menzgold? I believe the best thing Menzgold have done is to increase their clientelle base by giving all Ghanaians an opportunity to invest in gold. SEC are you saying all Ghanaians should first be authorised by you before they can buy gold from Menzgold? Infact this is not practical and I applaud the business module of Menzgold Gold dealership.

My question is, can an ordinary Ghanaian buy a gold chain, necklace or ring from any jewellery shop? If the answer is YES, then why not raw gold from Menzgold as an alternative investment which has rewarded all its investors on time without a single default? Bank of Ghana, to me this is not deposit taking but an opportunity for alternative investment especially now that there is turbulence in the banking industry. I think national awards should rather flow to the CEO of Menzgold.


Recommendations to Ghana Government concerning Menzgold Case:

1. Sack the Managing Directors of PMMC and SEC for their irresponsibility in regulating the natural mineral resource in this country.

2. Give or affirm the licensure to Menzgold dealership because they have not defaulted even a single of their clients and they have proven a success story so far.

3. Make the CEO of Menzgold dealership a mouthpiece in the issue of gold and other mineral resources in the country. He has displayed great potential and an economic builder. He has offered so many jobs to the youth and he has promised to get one million people jobs. This is something most political parties struggle to achieve.