Nana Appiah Mensah said the gold dealership firm had begun laying the grounds to start operating in Switzerland, London and Canada before its current woes started.
The CEO of Menzgold Ghana Limited, Nana Appiah Mensah, has disclosed that he had plans of expanding the company’s operations international until it encountered problems with some state institutions.
The gold dealership firm has endured troubled times following several disagreements with the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) over licensure.
However, speaking on Zylofon FM on Monday, the business mogul said he had plans of making Menzgold an international brand until its current woes started.
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According to him, the gold dealership firm had begun laying the grounds to start operating in Switzerland, London and Canada.
The Menzgold CEO said the company “should have supplied two tonnes of gold by the end of 2018 to some strategic contacts in Switzerland, and by virtue of that, we then get a deal with a Swiss bank, that is the Union Bank of Switzerland, and then we would also get onto the London Bullion Market Association (LBMA) and then from there we will list on the Canadian Stock Exchange or the Toronto Stock Exchange and then gotten bigger”.
He, however, stated that he doesn’t begrudge the BoG and SEC, insisting the two state institutions are only doing their jobs.
He added that Menzgold will soon return to business and that the company will ensure its complies with any directive from SEC and the BoG.
“I can’t say Bank of Ghana or the Securities and Exchange Commission has done us evil. We are a young company, we expect them to correct us when we go wrong so that we can be strong and do better at the international stage. All hope is not lost. We will continue to solve the problem. We will not do what they ask us not to do. We will ensure we comply with everything they ask us to do,” Nana Appiah Mensah added.
In recent months, Menzgold, which offers very high returns to customers, has come under the spotlight following several inconclusive tussles with the Bank of Ghana (BoG), the Minerals Commission and the Securities and Exchange Commission (SEC).
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The Central Bank and Minerals Commission maintain that the company has been taking deposits and locally selling gold despite not having the requisite licence to do.
However, the seriousness of the issue was confirmed in September when SEC directed Menzgold to shut down its gold trading activities.
Currently, the operations of the company remain closed to the public, with several customers agitating for a refund of their investments.