Menzgold To Shut Down Its Gold Vault Market

Menzgold Company Limited, an investment company has announced that it shall close its Gold Vault Market from Friday September 15 until further notice but will honour all its contractual obligations with already-existing clients.

In a notice published in the Wednesday, August 30 edition of the Daily Graphic newspaper, Menzgold assured that it remains committed and shall continue to discharge its existing contractual obligations under all gold trading contracts owed its cherished clients.

The announcement follows on the heels of a caution by the Bank of Ghana (BoG) to the general public against depositing money with Menzgold because it has not licensed the company to take deposits.

Answering questions before the Public Accounts Committee (PAC) of Parliament earlier this month, the Second Deputy Governor of the BoG, Dr Johnson Asiamah, said anybody who deposited money with Menzgold did so at his or her own risk although the Minerals Commission had given Menzgold a licence to purchase gold.

The Corporate Manager of Menzgold, Nana Yaw Offei denied reports that it takes deposits from its customers explaining that the company does not take deposits from customers because it is not a financial institution.

About the Gold Vault Market

Menzgold on its website describe the Gold Vault Market programme as "a special gold market, where fine gold buy and sell leads are constantly exhibited. Worldwide, prospective buyers close on this sell leads at great profit margins, owing to the fluctuations of prices on London Bullion Market (Market dynamics)".

It says the programme makes it possible for traders to earn extra value or make profit on their gold in vault.

"...With regards to the sales transactions on the market daily, weekly, monthly or annually as the programme involves continuous sales, a cycle of sales and re-stock until one decides to quit or terminate the cycle".