Bank of Ghana turns to Menzgold after collapsing banks

The Bank of Ghana (BoG) has issued a warning to the public against making cash deposits and engaging in any form of investment with gold investment firm, MenzGold Ghana Limited. According to BoG, it is putting in places measures to take action against the firm for breaching the Banks and Specialised  Deposit-Taking Institutions Act, 2016 (Act 930). “The Bank of Ghana is in discussions with other relevant regulatory authorities towards the taking of appropriate action against the company,” it said in a statement issued Monday. BoG said Menzgold does not have the authorization and requisite licences to operate in such capacities. “The Bank of Ghana wishes to reiterate that Menzgold Ghana Limited is NOT LICENSED and has no authority to engage in the solicitation, receipt of money or investments, and the payment of dividends or returns to its clients,” it said. The carrying out of these unauthorized transactions by Menzgold, according to BoG, is in breach of Section 6(1) of the Banks and Specialised  Deposit-Taking Institutions Act, 2016 (Act 930). It has therefore warned the  public to desist from transacting business with the company which deals in gold buying in Ghana. 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. By Irene Amesimeku| 3news.com| Ghana]]>