Menzgold Company Limited, an investment company has denied the company takes deposits from its customers.
The Corporate Manager of the company Nana Yaw Offei explained that the company does not take deposits from customers because it is not a financial institution.
His comment comes on the heels of the Bank of Ghana (BoG) cautioning the general public not to deposit any money with the company because it has not been licensed to do so.
A Deputy Governor of the Bank Dr Johnson Asiamah appearing before the Public Accounts Committee (PAC) of Parliament on Tuesday August 8, 2017 noted that Ghanaians who defy this caution do that at their own risk.
Dr Asiamah told the committee: “Only last week we caused a publication in the newspapers about Menzgold to the effect that we have not licensed them to accept deposits, because, to accept deposits, you will need a license from the Bank of Ghana. We have not licensed them and hence if you go ahead to do any business with them, it is at your own risk.”
He added that: “So we took the first step by notifying the public. If they ask you to give them deposit don’t do it.”
But reacting to the BoG claims in an interview with JoyFM on Tuesday August 8, 2017, Mr Offei said: “Menzgold Ghana Limited is a gold dealing firm, we buy gold and sell gold. All our operations or whatever we do in our outlet is directly linked to the sale and purchase of gold.
“For that reason we have acquired the license that gives us the chance to buy gold and sell gold that is by the Minerals Commission of the Republic of Ghana.
“We are not a microfinance, neither are we a financial institution and so we do not take deposits in anyway.”
He added: “We have referred the matter to our legal team headed by Kwame Akufo to look at the issue, we are a law abiding firm and so we are asking them to assist us to bring the issue to a close.”
Source: Peacefmonline.com/Ghana
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Occupy Ghana, what do you gain by calling on BOG to DISMANTLE MENZGOLD instead of saying that they should take steps to REGULARIZE it... Why why why?.... You know definitely well that well-meaning innocent Ghanaians have invested in the business because of their gold trading components..... SO WHY VICTIMIZE SUCH GHANAIANS when all it takes is to COMPEL MENZGOLD to REGULARIZE their activities..... OCCUPY GHANA SEEMS TO CHERISH AND ENJOY SEEING ANOTHER GROUP OF MILLIONS OF INNOCENT GHANAIANS becoming victimized simply for trying to earn some living by investing in a business they reckon is GOOD BUSINESS.... OCCUPY GHANA, PLEASE ARE LAWS MADE JUST TO DESTROY MEN AND WOMEN or what? A calm cool headed approach to sit down with the company could resolve the issue very amicably for a win win situation to exist INSTEAD OF THIS PRESSURE FROM OCCUPY GHANA TO SHOW PEOPLE WHERE POWER LIES.... TO SHOW PEOPLE HOW TO DISMANTLE COMPANIES REGARDLESS OF THE EXCRUCIATING PAIN INFLICTED ON INNOCENT UNSUSPECTING GHANAIANS................
u are the same pple who'll fault the BOG as well as the government when the unexpected happens. Hv u forgotten about DKM?
Finally a befitting and humble response from a thriving business. Why did a senior public servant make that comment in the first place? As a regulator when you spot something "fishy" you go ahead investigate and bring out a comprehensive report but that comment from was only going to create panic. I know 2 people who have invested into Menzgold for 1 year 6 months and 1 year respectively and are getting their returns on a monthly basis so where from this comment meant to collapse a thriving business that has employed lots of Ghanaians and has acquired assets to show they're stable and are thriving? The universal banks have for long not been honest with their clients by paying less returns on investment hence they've seen Menzgold as a threat. The NPP shouldn't allow what the NDC did to some people to happen with Menzgold. Thank you