The Bank of Ghana (BoG) Tuesday, August 7, had warned the public against making cash deposits and engaging in any form of investment with gold investment firm, MenzGold Ghana Limited.
According to BoG, the operations of MenzGold, are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
But a statement from the management of the MenzGold dismisses the claims by BoG explaining, “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.”
MenzGold further explained their business model is not to take deposits but to trade in gold as an alternative investment.
“The activities of Menzgold Ghana Limited are 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.”
According to MenzGold, they have been in touch with the BoG in conducting their business all these year so they find it “unfortunate” and “insensitive” that the BoG would issue such a statement.
“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.”
MenzGold reiterated it is safe doing business with them adding “the Company is growing in strength and expanding”
Chief Executive of MenzGold Ghana Limited , Nana Appiah Mensah had earlier described as a joke, the claim by the BoG .
Mr, Mensah responded to BoG accusing it of using MenzGold to do propaganda and demanded that it tells Ghanaians exactly what caused seven local banks in the country to collapse
By 3news.com | Ghana