The Bank of Ghana (BoG) has reiterated its caution to the general public not to deposit any money with Menzgold Company Limited, an investment company, because it has not been licensed to do so.
The central bank earlier in the year warned the public not to deposit money with the company and further cautioned the company to desist from taking deposits and stop the payments of dividends but the BoG says Menzgold is still engaged in these activities.
The bank in a statement said it wishes “to notify the general public that 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 Specialised 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 loss.”
Source: classfmonline.com
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I believe that what the Bog has done is one of the least tools they have. If we have a company who does not have the license to operate why then do u allow the whole populace to deal with it. Just deal with Menzgold by closing it down and the general public will not have anything do with it. In this way you you have eliminated the problem from source. Bog will still be held liable if something untoward happens
Mr Governor please allow menzgold to operate please, most of us trading in menzgold are student, look at the economic hardship in the country today, we might finish school and still be unemployed which is very bad to the country's image, and as we are into this trading platform with the menzgold company we can save money and start up our own business so please stop putting fear in us ok... do what the country can go forward and stop acting this way please
I want to buy gold from menz gold can I buy it there and invest with the company?
Killing your own local company is not the best. sit the management of menzegold down and discuss this issue.After you can publish the outcome BOG.
Why BOG.why don't you work with menzgold for a solution instead of trying to stop their good business.why BOG. Solve problems not killing businesses.
you said in your statement that Menzgold activities are illigal,so what are you doing with the power given to BOG? Anything illegal is a crime. So why do you want to wait for the public to be duped before you act. Please send them to court for liable prosecution.
Stop ranting and stop them from operating if they doing something illegal.
Hehehee It seems these people chopping our money at the big bank got no job to do. Allow us enjoy our investment wai!!!! They can listen to Zylofon fm 102.1 for advertisment on menzgold and invest also.... Otherwise they should ***barred word***!!!
THIS NEW GOVERNOR SHOULD BE CAREFUL FOR PUTTING FEAR IN PUBLIC ELSE HE IS IN DANGER PEOPLE ARE WASHING HIM SHOULD MENZGOLD FACE SHUTTING DOWN FOR WHAT HE IS DOING THEN HE SHOULD VACATE HIS RESIDENCE ASAP! NB! MENZGOLD HAS COME TO SATAY FINISH.
Menzgod not illegal Why is BOG doing this..you told Ghanaians you were going to pin menzgold down and I think that is what you are trying to do. First of all, I think you (BOG) want to regulate menzgold and you are not getting it that way because they are regulated by the the minerals commission. Secondly, if they have been given the license to buy and sell Gold by the minerals commission how then does it make their operation illegal. These guys do not take in cash deposit in anyway, all they do is buy the gold you bring to them and then gives you a return on the gold they bought from you. What makes this illegal BOG needs to stop this, just check the number of employees they have, and all you are thinking of is to pin them down, all you want is for the employees to become unemployed is that not it, besides they have been in operational for more than five years and nothing has happened to any of their customers. I think BOG needs to explain to us why they think their operation is illegal or is it because they (BOG) do not have authority over them that is why they are illegal and stop putting fear in the general public.