The head of the Securities and Exchange Commission and four other employees of the commission have been sacked by the President in the wee hours of Wednesday morning.

They were not allowed to enter their offices as the dismissals are with immediate effect.

The sacked boss and employees of SEC are said to have invested over GHS 8 million in Menzgold during the short period it asked the company to suspend it’s activities at an interest rate of 20%, twice it’s normal interest rate.

The sacked boss and the four employees are currently reviewing documents presented to them by Menzgold. They have assured the public of updates later in the evening.

“Though I we are sacked, we are reviewing documents presented to us by Menzgold and hopefully they will resume to work”, Baffour Gyawu, the SEC boss said.