Menzgold boss defies Bank of Ghana public notice
The owner of gold buying firm Menzgold Ghana Limited, Nana Appiah Mensah has described a public notice by the Bank of Ghana which states that his company is breaching section 6 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) as a joke and a diversionary tactic
The BoG added that after several cautions to
The Central Bank also warned the public that it will not be liable in the event of loss of investments of deposits as anyone who transacts “any of the above-mentioned businesses with
However, Mr Mensah in a post on Twitter accused the BoG of attempting to divert attention from the recent collapse of five banks that it duly licensed and supervised by targeting
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. Please don't attempt to use our dear Menzgold to cover up😎. I beg make we think! pic.twitter.com/o4zADtIsP9— Nana Appiah Mensah (@mn_appiah) August 7, 2018
What the 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.
(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.