Ghanaians have taken to social media to condemn the action the Securities and Exchange Commission (SEC) after they asked Menzgold Ghana Limited to halt their operations, an action seen as designed to collapse the firm.
Branding the actions of the SEC and government as being insensitive to the plight of the suffering Ghanaians, customers of the gold dealership firm have concluded the leaked letter released on Wednesday asking Menzgold to close down is designed to cause panic withdrawals of investments to lead to a collapse.
In what has become a country in economic crisis, several banks have been closed by the Bank of Ghana and now the SEC has turned its attention to the gold dealership firm which has now been seen as the hallmark of the current leadership of the management of the in the country.
Menzgold has served Ghanaians diligently over the past few years and its guarantee of 10% monthly returns on gold investments have proven very popular with many Ghanaians seeing it as the source of their income in their investment.
With many Ghanaians already losing faith and confidence in the manager of the economy following the BOG's collapse of several banks leading to several loss of jobs, the actions of the SEC has further infuriated by the actions.
Customers who are worried about the safety of their deposits have now taken to social media to vent their anger at government, the BOG and SEC via the comments below:
Mr. President, it’s quite unfortunate that companies are being collapsed under your watch. You’re a man I highly trusted and voted for. But looking at your government trying to shutdown Menz Gold operations is totally disappointing. #MenzGold
— FreshDickWithNoSTD???? (@ErnestErnestwan) September 12, 2018
So their problem is not even Menzgold trading in gold, but paying dividends to its clients. All what government wants is to see its people suffer. No Ghanaian is allowed to make more money than the government. What a country we in
— Steve Oware (@Joecashoware) September 12, 2018
Multiple economists have said the industry is not regulated. One is even speaking on Neat FM.
The SEC laws does not regulate the kind of business Menzgold does...Don't be deceived wai. Go beyond ur Interest in the government. https://t.co/QKwjp6sPIs
— Chalpang Abu Mubarik (@AbuMubarik) September 12, 2018
We're really silly in this Ghana. If menzgold don't have the license to take deposits and they've approached you to formalize things then let them meet requirements and grant them a license. 99% of their workers are Ghanaians but no lets collapse it. Smh
— Kwvbena (@Joeythekiing) September 12, 2018
personally i think the only reason why these people dey try disturb #menzgold is all because he's not a politician. greedy people everywhere
— itsAwesome??➕ (@FICEBURG) September 12, 2018
I have been observing saa, immediately there is depreciation in the cedis, then these regulators start attacking menzgold. The banks will continue to collapse ooo bcos we are all going to take our money away from the banks.
— Peace Diddy (@_Oseik) September 12, 2018
So couldn't the securities and exchange commission dealt with @menzgold in a more professional manner than leaking their letter to the public knowing that this could generate fear and panic amongst the numerous depositors? They have failed. @hughes_3fm @ameyaw112 @UmaruSanda
— ST.Jude (@STJudeMax) September 12, 2018
Menzgold has saved alot of families financially, they may not be licensed to operate in the way they are but they dnt deserve this level of embarrassment.
This could have been solved maturely and amicably.
— OJ (@osseijr) September 12, 2018
this is witch hunting in it highest order. Do you know how much money menzgold has made for some Ghanaians who were wise enough to do business with them earlier?, not to mention folks in the mining sector. The govt is envious of menzgold's prosperity cos banks are collapsing
— JONATHAN DONKOR (@theubuntuman101) September 12, 2018
This is stupid.Don’t tell me shouldn’t blame govt.I wil blame govt today n forever if MenzGold is shut down.some of us survive and the 10%/ month. You won’t provide jobs as you promised some1 does that n u are only interested to see it collapsed.imagine it was a Chinese company
— EweMan (@TheAgbeko) September 12, 2018
MenzGold, Ghana's Gold Hub is threatened countless times in its own country to shut down yet it is thriving in other countries. And we as Ghanaians are happy MenzGold is been targetted. Yet we come here and be shouting Support Your Own!! I guess it's motto should be UKs Gold Hub
— #MillionaireAt24 (@auntyconnieba) September 12, 2018
Its now clear that the financial regulators just want to hunt NAM1 & menzgold. Today BoG, next MINCOM, tomorrow SEC, its a shame as country to be doing such to our own.
I don't think they would release any funds today. No financial institution can survive a panic withdrawal. The best is to reassure them pic.twitter.com/PH2uB8gWPt
— AfuaSomuah (@theAfua) September 12, 2018Prez...@NAkufoAddo , the people u have appointed are not helping u. They are making u unpopular.
This is a simple issue of regulating what Menzgold does.... https://t.co/bF0HbnKcnR
— Chalpang Abu Mubarik (@AbuMubarik) September 12, 2018What is Menzgold Ghana Limited: Gold Dealership doing so criminal that we won't that company to collapse by hook or crook?
Can we help this company to succeed than bringing it down. #PHDwillKillUs. #Gh80%
— khassidy maine (@KhasMaine) September 12, 2018Instead of drafting laws to regulate the activities of Menzgold, u r ordering the company to shut down. What sort of stupid people do we have managing our institutions?
Has the SEC thought abt job losses?
What does it take to draft laws regulating d derivative industry?
Sad!
— Chalpang Abu Mubarik (@AbuMubarik) September 12, 2018— The Reign ? (@hamm_ronny) September 12, 2018
The way things are now done in this country Ghana ?? I feel we should just pack wanna things and leave. The President should just give our share after selling the country. Fcvk country, everything is messed up. Banks are collapsing, people are loosing their jobs, now Menzgold
— Abu (@Abuswain) September 12, 2018
Let the govt try and shut MenzGold. They will regret...and pay for it in votes !
— EweMan (@TheAgbeko) September 12, 2018
Just imagine Menzgold was owned by a foriegner. Our Government will protect it..
This #SupportYourOwn is not only for the Entertainment industry— #PolishTillYouShine ??? (@kobby_kyei) September 12, 2018
Its not that there's no money in the system but the bulk is with very few who are not ready to share. So the poor gets poorer, the rich gets richer. How then will they allow all men to own Gold like Menzgold #Blowmymind
— #OneLove (@FlowkingStone) September 12, 2018
Welcome to Ghana
Where we kill local businesses and go and beg for foreign aid...
God delivers from this curse...#YEAROFGRACE #sikanhyiraadom #NAMMISSON #ZYLOFONMEDIA #ZYLOFONMUSIC #ZYLOFONCASH #MENZGOLD #BULLHAUS https://t.co/97cjWD0gyx— Nana Kofi Hanson (@BULLHAUS) September 12, 2018
People in authority just want to close #MenzGold down all because they see the entity as a threat to their investment bank but Jah knows and sees it all.
The wicked shall fall in their bid to see u down @mn_appiah https://t.co/7hhH66PPKK
— Ras Binghi (@ras_binghi) September 12, 2018
They dont have any regulatory authority over Menzgold. So all the propaganda to cause a stir amongst the general public is a calculated attempt to smear menzgold. BoG can't even be trusted so they lack any moral standing to go after any institution after all this bank brouhaha
— DD (@DD68269723) September 12, 2018
Fellow Ghanaians are happy that menzgold has been directed to shut down just because you didnt get money to invest there. hmmmm
— KESSE?? (@_kesseGH) September 12, 2018
We take our money put betway them dey chop, now we take put menzgold to you want to close it down. You lie bad.
— Franky's Path⚡️ (@Frankrockwood1) September 12, 2018
Ghana youths, let's rally around @menzgold and @mn_appiah.
They can't keep stifling the innovations of the youth.
Check what is wrong with the business and make it right.
— Daakyehene (@TogbeTsaliII) September 12, 2018
So why is this same MenzGold operating peacefully in other countries but finding it very difficult to operate in it's own country in peace? Why?
— Wendy Govina (@thewendygovina) September 12, 2018
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