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Menzgold Saga Here is why Precious Minerals Marketing Company revoked Menzgold’s licence

The Managing Director of Precious Minerals Marketing Company Kwadwo Opare Hammond said the gold trading firm was licenced in 2014. However, the licence was revoked barely a year afterward.

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Nana Appiah Mensah kicks off NAM Mission nationwide tour play

Nana Appiah Mensah kicks off NAM Mission nationwide tour

The Managing Director of Precious Minerals Marketing Company Kwadwo Opare Hammond has revealed that Menzgold Ghana’s licence to trade in gold because of the manner of their operations.

Mr Opare Hammond said the gold trading firm was licenced in 2014. However, the licence was revoked barely a year afterward.

He told Accra-based Joy FM that "our records indicate that in the year 2014 they came for a license to buy and sell gold i.e. to trade in gold. But when they took the license from us it came to our attention that they were doing this kind of business in terms of asking people to come and invest in gold and get profit or dividend or interest, whatever they call it.”

"When this came to our attention we called them and told them that is not the purpose for which the license was given to them and so they should stop but after several warnings written and verbal they still continued. So, we had no option than to revoke their license and I must say that by the year 2015 or so, the license was revoked and after that, we also published in the newspapers to let Ghanaians know that they do not have the license from PMMC to do the kind of business that they were doing,” he added.

READ ALSO: Menzgold CEO invited by EOCO

Mr Opare Hammond said Menzgold is doing illegal business if they are trading in gold in Ghana.

"Certainly, it is because, you cannot trade, buy, sell or i.e trade in gold without a license from PMMC and I can say emphatically that as we speak to you now they do not have a license from PMMC."

Mr Opare Hammond believes that "there is a small clause that says that you buy gold for export. I don't know whether that is what they are relying on to do this but if that is what they are relying on to do this then that is totally wrong. You are supposed to buy the raw gold and then you package then you export."

"Let me say that even with the exports no individual or company can export gold without coming through PMMC and that is what we have been charged to do and we are doing that, yes on a few occasions Menzgold have come in to export gold through us, the raw gold but again I want to emphasise that we have not, we who have been clothed with the powers to issue license for trading in gold have not given that to Menzgold as at now".

PMMC MD, Kwadwo Opare Hammond play

PMMC MD, Kwadwo Opare Hammond

 

The PMMC Operates as Government’s assayer with the sole mandate of assaying all gold which leaves the country.

Menzgold has often boasted of being the largest gold exporter in the country, however, Mr Opare Hammond denied that claim by Nana Appiah Mensah.

READ ALSO: Here are the auditing firms for the 7 collapsed banks

"Well, that is not true. Our records do not show that they are the largest exporter, no. There are others who are doing far better than them. We at the end of every month do a league table to look at who is doing how much of gold exports and consistently they have been in fourth place or fifth place. That is what our records show."

According to Mr Hammond, a conservative estimate of Menzgold exports over the last five months stands at $60 million

The Bank of Ghana issued a public notice cautioning the general public not to deposit cash at Menzgold because it is not a deposit-taking institution.

The CEO of Menzgold, Nana Appiah Mensah described the BoG notice as a joke.

Meanwhile, Nana Appiah Mensah is expected to honour an invite by the Economic and Organised Crime Office (EOCO) on Friday, August 17, 2018, for questioning.

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