The Securities and Exchange Commission (SEC) has warned that it will continue to monitor the dealings of Menzgold Ghana Limited, who are set to begin migrating customers to a newly-established online platform.
The gold dealership firm will on Monday launch an online gold store, a buying and selling market platform, known as Menzgold Global Market.
However, SEC said it will continue to keep a close eye on the online dealings of the company and will intervene if necessary.
A press soirée by the Head of Legal and Enforcement at SEC, Nii Oman Badoo, said it will make sure that Menzgold does not go against any regulations.
“We have also picked signals in public on the issue about an online business. We are monitoring. As long as it offends our legal or regulatory regime, we will come into play,” he said.
“As long as that platform falls within the regulatory regime of the SEC, the SEC will act.”
Menzgold has been in the news in recent months following disagreements with the Bank of Ghana (BoG) regarding its operations.
The latest development is the order from the SEC to have the company shut down its gold trading activities.
Currently, the company has halted its collectibles and all other new businesses related to its gold vault market, albeit temporarily.
Mr. Badoo said SEC has very little information about Menzgold’s offline gold market but will seek clarity in the coming days.
“For now, it is very limited information that they have launched an online platform so when such information comes, we have an investigation team; we will investigate if there is a platform like that and we will look at the features of the platform. Once it falls within an activity that must be regulated within Act 129, the SEC will advise itself. If it doesn’t fall within our regime, we will not say anything,” he added.