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Contemptuous, Irresponsible Joke   
 
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10-Aug-2018  
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Contempt for the country’s laws could not have been better exhibited than Menzgold Company Limited did a couple of days ago. In their response to a Bank of Ghana (BOG) query for allegedly collecting deposits from their customers in breach of their operating licence, Menzgold resorted to describing the issue raised as a joke.

Blimey; BOG is a state institution and therefore deserving of a modicum of respect from us all more so when Menzgold is an alleged defaulter.

To crown the insulting remarks with reference to the collapsed banks in a sarcastic fashion is most intolerable.

We are not disputing the fact that the regulator of banking activities in the country and the banker of last resort was caught napping when entities like Menzgold licensed to deal in commodities veered outside their remit. That deviation is part of the many infractions which brought the country to its knees and which government is struggling to put right.

We mentioned it in an earlier commentary that BOG should have long cracked the whip on companies like Menzgold and others for breaching the laws of the land.

Contravening the directives of the apex bank is tantamount to breaking the laws of the country.

The commodities trading company has the effrontery to be this insolent because of the long slumber the apex bank has been in for the past years.

Now fitted with effective rudder, the apex bank is moving the banking sector from the choppy waters of the country’s finance visited on it by the years of the previous political order.

Never again should the apex bank suffer so much political interference to the extent of shirking its core responsibility of ensuring that only qualified entities are licensed to operate in the banking space.

We witnessed gross irresponsibility on those at the helm of affairs of the apex bank – the fallouts varied as they include the irresponsible remarks from the ilk of Menzgold.

A newly fitted BOG does not joke and takes its work serious but for which it could not have unearthed the breaches which now make the headlines.

If there is any joke about the banking sector, it is what Menzgold through its CEO spewed on his twitter. This company has charted a smelly course in responding to state agencies’ queries. This should not be encouraged at all lest it becomes a norm.

State institutions should wake up to their responsibilities better than we have witnessed when the NDC was in charge. We have just learned about the Precious Minerals Marketing Company Limited (PMMC) also denying licensing Menzgold to deal in gold.

How come therefore that the company appears to have been doing that? The PMMC was also sleeping on duty. Otherwise Menzgold could not have operated outside its remits for this long. For the PMMC to come out now to expose Menzgold is to ridicule itself as a corporate entity not living up to its responsibilities.

A private limited liability company has taken both the BOG and the PMMC to the cleaners in a manner which we find unacceptable.

Let those in charge of probing this issues do so with the national interest at heart so that such irresponsible remarks would cease forthwith.
 
 
Source: Daily Guide
 
 

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COMMENTS




Name: professor
The abundance of respect of respect for so-called public institutions is the cause of our woes. usuless country
 
Name: Bomber
Who is this writer? If he doesn't understand the issues he better ***barred word***. If BoG thinks this guy is breaking some law why is it still looking on without taking the necessary action to close his business down but rather issuing out warnings year after years just to create panic and collapse they guy's business for people to lose money so that they can come and say: "Yeah we told you so". Where from this evil and devilish agenda? Ever since the man started operating, four years ago, the BoG have been issuing this warning on yearly basis without having the balls to stop him and prevent people from losing money. Why do they keep issuing out warnings without being able to stop him? What are they afraid of? Here is the answer: They know that the guy is not flouting any law and if they attempt to close it down illegally Menzgold can sue them and the state will pay judgement debt. However the guy keeps giving the banks a huge competition since many people prefer taking their money to invest in gold than keeping them at the banks for it to be wasted by these owners and directors of banks. Consequently these owners of banks are hiding behind the BoG to issue these warnings in order to create unnecessary panic and cause his business to die naturally. This is the TRUE facts of the case and this NAM guy has seen trough their plan, that is why he reacted that way. He was even merciful. If it were to be me I would have even hit them hard. Those technocrats sit at BoG and take HUGE salaries and allowances without creating even a single job but go about collapsing people's business while they release gargantuan money to commercial banks secretly in the name of supporting them because they have friends in those banks but these monies get wasted. Mafia people. They should make us think koraaaa. So Annoying
 
Name: @lawal
when we have people in Ghana who think like this guy why our progress as a nation won't delay.
 
Name: mable
can nana appiah of zylofon tell the bank of america that they are jokes??
 
Name: Aston
When you struggle to get wealth, you keep it with all diligence. On the flip side, you will threat wealth as nothing, because you didn't strive for it.
 
Name: Don Biko
Right on point, writer. It is gut-wrenching to find some people endorsing or not condemning the comments of the MENzgold ceo!.Has unemployment robbed us of any decency and respect for rule of law? Just because your operations provide employment and livelihood to people does not mean you are above the law! There is so much impunity in this country and the only thing that matters is the end.ghc610million of taxpayers' money was handed to unscrupulous group of people to save a collapsing bank and a few crroooks just looted and shared it among themselves! And now this ediot called NAM1 is on the same path to duping and collapsing the finances of unsuspecting people and when he is called to order people ignorantly jump to his defense! We must begin to fix he rot in the system and ensure everyone operates within their remit. There are laws and we must let the laws work! enough is enough! We have a future to bequeath to our children!
 
Name: lawal
hmmmm Man with all your big big gramma, u end saying the interest of mother Ghana be considered. what else is more to mother Ghana than its citizens get work to do. this young guy NAM is providing work to hundreds of Ghanaians and u wear that your one and evil sided glass to tell us MENZGOLD is operating outside its permit. Na Big lie, cos i wanted to give them the cash to buy the gold so i will invest it with them but they refused. i was afraid to lose the money on my way to buy the Gold. NAM SHOULD BE MADE BOTH EMPLOYMENT AND FINANCE MINISTER. NAM Allah Bless u unconditionally wai.
 
Name: aasem
look at his face like mobobi, you what do you know?
 
Name: I was just irresponsible and childish of MenzGold CEO, his first response.
I was just irresponsible and childish of MenzGold CEO, his first response.
 
Name: Prof
***barred word*** message from ***barred word*** source.
 



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