FLASHBACK: We are coming after you – Bank of Ghana to Menzgold

In 2018, The Central Bank of Ghana issued a warning to now gold defunct gold dealership firm, Menzgold Limited on some irregular activities.

The public notice signed by Mrs Caroline Otoo, Secretary to Governor Dr Ernest Addison said it was in discussions with relevant regulatory authorities to sanction Menzgold Company Limited

Read full article.for engaging in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients” without a licence to do so.

The central bank statement added that in spite of several of cautions to Menzgold Ghana Company Limited to desist from the act, it persists in its deposit-taking activity in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

Read the full story originally published on ClassFM Online and republished by GhanaWeb

The Bank of Ghana (BoG) has issued a public notice that it is in discussions with relevant regulatory authorities to sanction Menzgold Company Limited for engaging in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients” without a licence to do so.

The BoG, in a public notice signed by Mrs Caroline Otoo, Secretary to Governor Dr Ernest Addison, said in spite of several of cautions to Menzgold Ghana Company Limited to desist from the act, it persists in its deposit-taking activity in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

The Central Bank has cautioned the general public that anyone who transacts “any of the above-mentioned businesses with Menzgold Ghana Company Limited does so at his or her own risk,” and the Bank of Ghana will not be liable in the event of loss of investments of deposits.

Nana Appiah Mensah, owner of the gold-buying firm, has denied on a number of occasions that his company takes deposits.