by Isaac Essel

August 9, 2017

MENZGOLD not licensed to accept deposits – BoG warns

The Bank of Ghana (BOG) has cautioned the public against depositing with MENZGOLD because its has not been licensed to do so.

The Deputy Governor Johnson Asiamah, who announced this on Tuesday to the Public Account Committee in Parliament, said to accept deposits, the company needs to be issued with license from the Bank of Ghana.

The central bank is unable to close the company down because it has been licensed to purchase gold by the Minerals Commission, he stated, adding that their activities would closely be monitored by the bank.

Dr. Johnson Asiamah explained that the group was licensed by the Minerals Commission to buy and sell gold, but has veered off into accepting deposits from unsuspecting customers.

“If they have license to purchase gold that has nothing to do with us”, he stressed.

He was responding to concerns raised by the Member of Parliament for Gomoa West in the Central region, Kwadwo Kum Abban on the operations of the gold firm.

According to the Deputy Governor, people are too quick to give money to anybody who promises good returns.

He therefore told the committee that the Central Bank will publish what he termed a “clean lists” of micro-finance institutions that are complying with BOG regulatory measures that the public can deal with.

Meanwhile, MENZGOLD has denied assertion that it is accepting gold deposits.

By Onua FM|Owoahene Omari Acheampong |

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