Frustrated Gold Dealer Bares Teeth At Bank of Ghana


 The Chief Executive Officer (C.E.O) of Menzgold Ghana Limited, has hit hard at the Bank of Ghana (BoG) over its latest statement that sought to suggest the company is involved in some criminal activity in the country.

A very frustrated Nana Appiah Mensah, in a tweet last week, charged that, the “Bank of Ghana is very dishonest, irresponsible and very reckless. It’s acting with the highest form of impudence with impunity.”

According to him, “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!”

The Herald, has picked up signals that, the Menzgold C.E.O, is a assembling a team of lawyers to stage a fierce legal battle against BoG, which has been frustrating its gold business.

The company insists its hands are clean and it has been involving officials of BoG in transactions, and they are well aware that, nothing fraudulent is being done by Menzgold.

This paper, has been aware of several meetings between the officials, including lawyers of both institutions towards resolving their differences.

Indeed, this paper has seen many correspondences between BoG and Menzgold with the Ghanaian gold dealer,    mostly requesting and pushing BoG for meetings to have its concerns addressed, but to avail.

A couple of months ago, the BoG, warned Ghanaians against transacting business with Menzgold, because the company, has not been licensed to accept deposits, a charge Menzgold, has vehemently denied.

Just last week, BoG, issued surprise statement reiterating its caution to the general public not to deposit any money with Menzgold Company Limited, an investment company.

In the 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.”

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