The Economic and Organised Crime Office (EOCO) has invited the CEO of Menzgold Nana Appiah Mensah over the operations of the gold investment company.
The Bank of Ghana (BoG) on Tuesday, August 7, 2018 issued a public notice that it is in discussions with relevant regulatory authorities to sanction Menzgold Company Limited for engaging in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients” without a licence to do so.
EOCO has taken the issue up to investigate the dealings of the “Gold hub”.
Sources close to the Executive Secretary of the anti-graft institution Mr. K.K. Amoah have told Starrfmonline.com the Menzgold CEO has been invited on several occasions to the Old Parliament House “but has failed to honour the invitations.”
“We’re looking for him. We’re not getting him on phone, but we’ll pursue it,” the reliable source noted.
Following the BoG’s public announcement, Starrfmonline.com understands EOCO has intensified its efforts to track down the philanthropist to “hold discussions about his business dealings.”
Central Bank’s claims
According to the Central Bank, Menzgold, which is known as a precious minerals trading company, is carrying out unlawful transactions by taking deposits.
Menzgold is currently operating with a license granted it by the Minerals Commission and the Ministry of Lands and Natural Resources.
In a public notice issued by the BoG, it said the company has no authority to engage in what it says are the “solicitation, receipt of money or investment and the payment of dividends or returns to its clients.”
The central bank maintained that Menzgold is in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
BoG further said in spite of several warnings to the company, Menzgold continues to engage in the illegality; hinting that discussions were already underway with regulatory authorities to enforce the appropriate action on the company.
“Accordingly, anyone who transacts any of the above-mentioned businesses with Menzgold Ghana Company Limited does so at his or her own risk and the Bank of Ghana will not be liable in the event of loss of investments or deposits.”
Menzgold’s response
But Menzgold in a statement on Tuesday said “we hereby state emphatically that we DO NOT accept deposits from customers or carry on a deposit taking business in Ghana. Our activities are not within the scope of the Banks and Specialized Deposit-Taking Institutions, Act, 2016, Act 930. It therefore CANNOT be said that we are in breach of the Act.
“The activities of Menzgold Ghana Limited is restricted to allowing customers to purchase gold or deal in gold as an alternative investment. The Bank of Ghana is clearly aware that these activities are outside the scope of The Banks and Specialized Deposit-Taking Institutions, Act, 2016, Act 930.
“Menzgold Ghana finds it unfortunate and disparaging that the Bank of Ghana, with whom we have had a number of engagements over the years and taken them through our business procedures would still issue such a statement. Unfortunate and insensitive as the statement may be, we are resolved and even keener to continue to deliver the best of service to our customers in Ghana and beyond.
“Management assures the general public that doing business with Menzgold is safe. The Company is growing in strength and expanding with offices recently opened in United Kingdom, Spain and soon in Nigeria. Our doors as always are open to the Bank of Ghana and any other organization that would want to seek clarity on our business.
“That said, it is imperative that Government and other State Intuitions support indigenous business initiatives to thrive in this economy while putting in the correct supervisory mechanisms to ensure that they operate within the remits of the law. We pray that authorities will show more interest in building, nurturing and supporting business growth in an enabling atmosphere as anything to the contrary could be detrimental to the economy of the Nation.”
Source: Starrfmonline.com
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Politicians politicians greedy busters, you don't think about ordinary Ghanaian id*ots
I thinks it is a cheat on the part of the Bank personnel and financial institution managements against we the customers, on grounds that they gather all our little deposits and turn to invest with such high returns earning institutions or organizations and give us ants share of it at the end. by so doing they are rather enjoying the most at the expense of the meager salary earners. Now realizing that the public have come to see that is better making it with Menzgold then with the bank therefore all idle moneys are diverted hence starving their gaining at the blind side of we the depositors hence are not happy. It will surprise you that I have met banker at the operation hall of Menzgold also making transaction with them as a customer like myself. I can therefore conclude these hullabaloo about Menzgold is means of trying to sustain their continual making it big at the expense of we customers of the bank. Why should people be interested in living good life at the detriment of other or Why should people be happy seeing others going down whilst they going up. it is a bad mind set. Let us do away with it, for it will forever harm us if not stopped. thank you.
The Ekosisen yesterday had an MP FROM THE NORTH who has working experience with World Bank Activities in Africa and He revealed sensitive information on the happenings in the Financial sectors and said The Finance Minister and Governor of Bank of Ghana and Securities and Exchange commission have an agenda to created a whole different architectural financial that is why we 8 failed banks and by the Government finishes the four mandate it would be a whole different financial system we would be having.
If I call them thie*ves right now poeple will say I'm disrespectful...this Nana Appiah Mensah guy is all over the country everyday; and a person/company who is purported to be running illegal business cannot be reached on phone??? Are we serious at all as a nation ?? Haha...
I just dont get it. You are looking for someone it is possible to get to his office and you are assuming he is unreacheable because you are trying to reach him on phone. (Which I even think is unprofessional) for a delicate matter as this. Basic Logic
The nation and its citizens have become soo corrupt that tryING to do the right thing is met with stiff resistance, I dnt blame them .. I blame the NDC for creating all this mess and lawlessness then turn around and blame the ruling govt. It's unfortunate when this govt cleans the mess they will win power n mess it up again .We are moving in circles and the citizens r becoming vry corrupt and there is lawlessness everywhere. The state institutions must work without any interference
Nana addo government is disappointment. if he doesn't take care he will not win another term. the youth and the poor people will vote him out. Ghana is suffering and if somebody is helping the poor, puting food , shelter and creating jobs then this greedy selfish leaders who doesnt think about the poor hinder things. Nana addo has the power to stop this thing he should direct minister of finance to put a stop to this ***barred word***.
OOOh Ama Ghana, I'm really sad for my mother Ghana, our leaders are visionless, educated illiterates and above all intellectual dishonest people not even the antelope nor the dear. why is EOCO now awake from their slumber? have they finished persueing those Telecos doing savings and loans. Pls I beg leave our Menzgold alone. Hypocrites God will punish u all.
Yes, EOCO has invited MenzGold over its operations and so what? I thought the governor of Bank of Ghana was going to close down MenzGold as it did with the five banks. It is now evident that it does not have the power to do so. It is now hiding behind state institutions to harrass indigenous businesses like MenzGold and its customers. Meanwhile, MenzGold is operating successfully in the United Kingdom and Spain. So, what does this mean? If MenzGold is closed down, it will be a big shame to the Ghana government and Ghanaians will lose the little confidence they have in this government to turn things around.
How many companies does Ernest Addison have? we are tired of them they should do away with their book-long mentality. we tho youth want people who can give us job not economics and accounting .