The Economic and Organised Crime Office (EOCO) has invited the owner of gold buying firm Menzgold Ghana Limited, Nana Appiah Mensah for questioning
The Bank of Ghana (BoG) in a notice on August 6, 2018 stressed that
Deposit-Taking Institutions Act, 2016 (Act 930) says
(1) Subject to this Act, a person shall not carry on a deposit-taking business in or from within the country unless that person is a body corporate formed under the laws of this country.
(2) A person that is not a body corporate formed under the laws of the country may, with the prior written approval of the Bank of Ghana, carry out a deposit-taking business in or from within the country.
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(3) A person shall not propose to be a shareholder of a deposit-taking microfinance institution unless that person is a citizen
(4) The Bank of Ghana shall issue directives to govern the operations of persons exempted under subsection (2).
(5) For the purpose of this Act, deposit-taking business means the business of a) taking money on deposit and making loans or other advances of money; and (b) financial activities prescribed by the Bank of Ghana for purposes of this definition.
The BoG in the notice also hinted of impending sanctions, saying after several cautions to
However, in a response to the BoG notice, Mr Mensah branded the central bank a joke for attempting to use his business as a cover-up for the collapse of banks in the country.
"TODAY'S JOKE: Bank of Ghana, so now you dey do propaganda?😀😀😀 I beg
Aside Menzgold, Mr Mensah also owns entertainment company Zylofon Media Company Limited which has artists including Stonebwoy, Becca, Shatta Wale, Joyce Blessing, Kumi Guitar, and actors Benedicta Gafah and Toosweet Annan on its books.
He also reportedly owns Brew Marketing Consult Co. Limited,