In a September 3, 2018 letter signed by Deputy Director General, Paul Ababio, said:
“In September 2017, the SEC issued a public notice indicating that it does not regulate Menzgold. The SEC began to further investigations into the activities of Menzgold in July 2018. In August 2018, the Commission called for an inter-sectoral meeting that involved the Minerals Commission, Bank of Ghana and the Securities and Exchange Commission. The Meeting concluded that it is evident Menzgold’s activities appear to go beyond the mandate authorised in its license”.
The letter from SEC added that failure by Menzgold to comply with the directive “will lead to the SEC employing other relevant measures under the law to enforce compliance.”