Deputy Minister of Finance, Charles Adu Boahen has said that Gold dealership and trading firm, Menzgold has no business in keeping the returns and profits of customers.
According to him, the licenses of the firm which has been withdrawn does not affect the deposit of customers.
Mr. Adu Boahen was responding to a question from a participant at the JoyBusiness Financial Services Forum.
The Forum was under the theme: the changing tide of Ghana’s Financial services sector, the cause, the cost, the clean-up.
Deputy Minister of Finance, Charles Adu Boahen has said that Gold dealership and trading firm, Menzgold has no business in keeping the returns and profits of customers.
According to him, the licenses of the firm which has been withdrawn does not affect the deposit of customers.
Mr. Adu Boahen was responding to a question from a participant at the JoyBusiness Financial Services Forum.
The Forum was under the theme: the changing tide of Ghana’s Financial services sector, the cause, the cost, the clean-up.
“So as far as I’m concerned from what I understand from the SEC they are not allowed or they do not have the license to trade and therefore…however, nothing prevents them from paying depositors back.”
Source: JFM/Ghana
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i am still trying hard to understand what the problem is at Menzgold. People bought physical gold and deposited same in order to enjoy extra value gained by trading their gold. Trading gold means you're either holding cash or gold. If it is gold give them back to the people - after all they deposited gold. If it is cash please give them the cash the sweet part if you get to keep 25% free money. For every 1million cedis worth of gold you get to keep free 250,000.00. NAM1 Pay the people and stop the games.
the man says he takes others monies to pay others wai. so how can the how be how when there is not a no
HATRED HATRED HATRED...NPP U ARE SO FULL OF HATRED SO FULL OF VENOM TO DESTROY LOCAL BUSINESSES WHICH ARE WEAK AND VULNERABLE JUST TO NPP COMPANIES AND FOREIGN COMPANIES TO SURVIVE....OOOHHHH NPP U ARE SO EXTREMELY STUPIDDDDDDD INDEED .... COALLITION OF THE VICTIMS OF NPP ATROCITIES WILL VOTE OUT NPP BY ALL MEANS BCOS WE ARE GOING TO GANG UP AND CAMPAIGN AGAINST THE NPP VERY VERY MASSIVELY BCOS OF THEIR GREED AND INSENSITIVITY TO THE POOR MASSES AND MIDDLE CLASS PEOPLE NPP HAS DISPLAYED THE STUPIDESTTTT BEHAVIOUR YET IN GOVNCE....THEY ARE BUSY DESTROYING MIDDLE AND LOWER CLASS PEOPLE WHO VOTED MASSIVELY FOR THEM ...CONGRATS TO NPP PAAAA BCOS BOG AND SEC WILL VOTE MASSIVELY FOR THEM IN 2020 NDC WILL DEFINITELY BOUNCE BACK IN 2020.... WAIT AND SEE HOW UR NPP WILL LOSE 2020 ....THEY ARE NOW EVEN DESTROYING GN BANK AND GOLD COAST SECURITIES...STUIPIDDD FOOOOLLLLS NPP U ARE INDEEED BUFOOOOONNNNSSS PAAAAAAA....COMMON SENSE TELLS U THAT WE ARE GOING TO GANG UP AND CAMPAIGN FOR NDC TO COME BACK BCOS NPP IS CALLOUSSS AND WICKEDDDDDD SO NDC just introduce a new face and win the 2020 hands down and very very massively ....bcos we have ganged up to support ndc return to power to save Ghana and her local industries and businesses which npp is destroying so very fast ......gn bank and gold coast securities are dying so painfully.....these are institutions which have given incomes to poor and middle classes for over 25 yrs ..but npp is suddenly killing them due to some bogus policies and laws...we hold the power we will kick them out in 2020 bcos they have destroyed our country's financial sector so painfully
COALLITION OF THE VICTIMS OF NPP ATROCITIES WILL VOTE OUT NPP BY ALL MEANS BCOS WE ARE GOING TO GANG UP AND CAMPAIGN AGAINST THE NPP VERY VERY MASSIVELY BCOS OF THEIR GREED AND INSENSITIVITY TO THE POOR MASSES AND MIDDLE CLASS PEOPLE NPP HAS DISPLAYED THE STUPIDESTTTT BEHAVIOUR YET IN GOVNCE....THEY ARE BUSY DESTROYING MIDDLE AND LOWER CLASS PEOPLE WHO VOTED MASSIVELY FOR THEM ...CONGRATS TO NPP PAAAA BCOS BOG AND SEC WILL VOTE MASSIVELY FOR THEM IN 2020 NDC WILL DEFINITELY BOUNCE BACK IN 2020.... WAIT AND SEE HOW UR NPP WILL LOSE 2020 ....THEY ARE NOW EVEN DESTROYING GN BANK AND GOLD COAST SECURITIES...STUIPIDDD FOOOOLLLLS NPP U ARE INDEEED BUFOOOOONNNNSSS PAAAAAAA....COMMON SENSE TELLS U THAT WE ARE GOING TO GANG UP AND CAMPAIGN FOR NDC TO COME BACK BCOS NPP IS CALLOUSSS AND WICKEDDDDDD SO NDC just introduce a new face and win the 2020 hands down and very very massively ....bcos we have ganged up to support ndc return to power to save Ghana and her local industries and businesses which npp is destroying so very fast ......gn bank and gold coast securities are dying so painfully.....these are institutions which have given incomes to poor and middle classes for over 25 yrs ..but npp is suddenly killing them due to some bogus policies and laws...we hold the power we will kick them out in 2020 bcos they have destroyed our country's financial sector so painfully
Why has the government closed down MenzGold? They say the company does not have a license to operate. Government surrogates call it a PONZI scheme. If MenzGold does not have a license why has the government not prosecuted them? Is the government to blame for sitting down idle all these years for MenzGold to operate without a license? As it is the government has nailed the customers of MenzGold to the cross by making them lose all their investments and allowing MenzGold managers go scot free. There is therefore an ulterior motive of the government borne out of hatred for this indigenous Ghanaian company and hence the shut down. Akufo Addo and his government are a big disaster. They are not going to rule Ghana for long but they will stay in opposition for a very long time when Ghanaians reject them.