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.
- BoG’s gold programme to bolster reserves in 2024 – Governor
- Ghana has no choice but to ensure fiscal consolidation during 2024 elections – Governor
- Domestic Gold Purchase programme has improved the cedi's stability – Dr Addison
- 2020–2022 will go down as one of the worst in central banking in Ghana – John Kwakye
- '26.4% inflation in November 2023 is not worthy of celebration' - Togbe Afede
- Read all related articles