Musician, Akoo Nana is asking President Akufo-Addo to as a matter of urgency ask the Bank of Ghana and other state agencies to stop tarnishing the image of Menzgold if indeed he has the interest of indigenous companies at heart.
Akoo Nana in a video shared on Instagram asserted that attempts by the central bank and the Precious Minerals Marketing Company (PMMC) to thwart the operations of Menzgold was worrying.
“Anything Ghanaian, we don’t want to support it. Bank of Ghana, what is your problem? You said Menzgold has no license, meanwhile they do. Why are we like that?” he queried and further asked to the president to “step into this thing because you gave us your word that you’ll make Ghana attractive to investors but look at what is happening. Please stop these people… If they don’t stop this, we won’t vote for NPP in 2020. You know the work we did for NPP to come to power.”
The Bank of Ghana recently cautioned the general public not to deposit any money with the Menzgold because it has not been licensed to do so.
In a public notice, it said the company has no authority to engage in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients.”
The central bank maintained that Menzgold is in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
It further said in spite of several warnings to the company, Menzgold continues to engage in the illegality; hinting that discussions were already underway with regulatory authorities to enforce the appropriate action on the company.
But Menzgold in a statement described the BoG’s announcement as “unfortunate and disparaging” and insisted it neither takes deposits from customers nor does any deposit-taking business in Ghana.
“Our activities are not within the scope of the Banks and Specialized Deposit-Taking Institutions, Act, 2016, Act 930. It, therefore, cannot be said that we are in breach of the Act,” the statement said.
Meanwhile lawyers of Menzgold have rubbished claims by the Precious Minerals Marketing Company (PMMC) that the company’s licence has been revoked.
Barely a day after BoG’s notice, PMMC indicated that Menzgold is not licensed to buy and sell gold as suggested by the company. Managing Director of PMMC, Kwadwo Opare Hammond had noted that even though the company was initially granted a license in 2014, it has long been revoked.
But the company’s lawyer, Kwame Akuffo in response said the claim amounts to “economic defamation” and “undermining” of its reputation. He stressed that contrary to the PMMC’s claim, the firm was duly licensed to carry out its gold-buying and selling business.
According to Akoo Nana, all these developments are unfortunate; hence his call on President Akufo-Addo to intervene or he will not vote for the NPP come 2020.
Akoo Nana is unhappy with BoG as regards its statement that Menzgold isn't licensed to take deposits