Don’t use Menzgold 'as cover-up' – Nam 1 fires at BoG, says its threat is a 'joke'

Chief Executive of Menzgold Ghana Limited Nana Appiah Mensah has described as a joke, the claim by the Bank of Ghana (BoG) that his gold investment firm is engaged in illegality in the financial sector. BoG on Monday warned the public against depositing cash and engaging in any form of investment with Menzgold as it does not have the authorization and requisite licences to operate in such capacities. Accordingly, BoG said it was “in discussions with other relevant regulatory authorities towards the taking of appropriate action against the company”. Following the statement, 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.

“Today’s joke: Bank of Ghana, so now you dey do propaganda? I beg paa, “Tell Ghanaians exactly what happened with the 5 or so collapsed banks you duly LICENSED & SUPERVISED for years,” he said in a tweet Tuesday morning. He warned BoG against attempt to use his company to cover up its failures in the sector, saying “Please don’t attempt to use our dear Menzgold to cover up. I beg make we think!” In May 2018, Governor of the Bank of Ghana, Dr. Ernest Addison said the Bank of Ghana was collaborating with the Lands and Natural Resource Ministry to bring Menzgold to book on its unauthorized taking of deposits. Chief Executive Officer of Menzgold, Nana Appiah Mensah has on several occasions denied claims that his firm takes deposits.But BoG insisted the gold firm does so despite several cautions to the company.
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