A couple of months ago, the Bank of Ghana warned Ghanaians against transacting business with Menzgold Company Limited because the company has not been licensed to accept deposits.
Just this week, the Bank of Ghana (BoG) reiterated its caution to the general public not to deposit any money with Menzgold Company Limited, an investment company.
In the latest statement, the BOG said “in spite of the caution to Menzgold Ghana Company Limited to desist from solicitation, receipt of money and payment of dividends to its clients, the company is still engaged in these activities contrary to section 6(1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).
“The general public is hereby informed that Menzgold Company Limited is not licensed by the Bank of Ghana and has no authority to engage in the solicitation, receipt of money and payment of dividends to its client.
“Accordingly, the general public is cautioned that anyone who transacts any of the above-mentioned business with Menzgold Ghana Company Limited, does so at his/her own risk and Bank of Ghana will not be liable to such clients and depositors in the event of a loss.”
But Nana Appiah Mensah is not taking this blatant attack on his business by the BoG lightly.
In a tweet, he said the “Bank of Ghana is very dishonest, irresponsible and very reckless. It’s acting with the highest form of impudence with impunity.”
He said “the BOG is well informed that Menzgold is operating within the legal framework as it is now. Where is Ghana’s commodities trading Act? Stop this hypocrisy!”