Menzgold Ghana closes down its Gold Vault Market

Menzgold Company Limited, an investment company has disclosed that it will shut down its Gold Vault Market from Friday, September 15 until further notice.

However, the investment company said will honour all its contractual obligations with already existing clients.

This was contained in a notice published in the Daily Graphic newspaper on August 30, 2017.

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This announcement follows a caution by the Bank of Ghana to the general public against depositing money with Menzgold.

The Second Deputy Governor of the BoG, Dr Johnson Asiamah said the investment company was not licensed to take deposits.

He said anyone who did business with Menzgold was taking a personal risk even though the Minerals Commission had given Menzgold a licence to purchase gold.

The Corporate Manager of Menzgold, Nana Yaw Offei denied the report that it takes deposits from its customers. He explained that the company does not take deposits from customers because it is not a financial institution.

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Menzgold has however assured its clients that it remains committed and shall continue to discharge its existing contractual obligations under all gold trading contracts owed its cherished clients.

About the Gold Vault Market

Menzgold on their website describes the Gold Vault Market program as “a special gold market, where fine gold buy and sell leads are constantly exhibited. Worldwide prospective buyers close on this sell leads at great profit margins, owing to the fluctuations of prices on London Bullion Market (Market dynamics).”

According to Menzgold, the programme makes it possible for traders to make profit on their gold in vault.

“…with regards to the sales transactions on the market daily, weekly, monthly or annually as the program involves continuous sales, a cycle of sales and re-stock until one decides to quit or terminate the cycle.”