The Securities and Exchange Commission (SEC), has said it will be keeping a close eye on Menzgold Company Limited’s online ventures.
Menzgold Ghana is set to launch an online gold store, a buying and selling market platform, known as Menzgold Global Market on Monday.
While it remains unclear how the company will be operating online, the SEC said it will intervene if it determines Menzgold is working within its purview.
“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,” the Head of Legal and Enforcement at SEC, Nii Oman Badoo said at a press soirée.
“As long as that platform falls within the regulatory regime of the SEC, the SEC will act,” he also stated.
Mr. Badoo said the SEC has limited information at the moment and will be working to get a clear picture of Menzgold’s operations.
“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.”
Menzgold said its platform will see traders on the “Global Vault Market,” an offline gold market, being migrated onto the global online market at a fee.
This is geared towards keeping their gold buying and selling business active online, to forestall any payment impediments in the subsequent months.