Menzgold Ghana insists Bank of Ghana is wrong

BY: Isaac Yeboah
Nana Appiah Mensah, CEO of Menzgold Ghana Limited, and Governor of the Bank of Ghana, Dr. Ernest Addison.
Nana Appiah Mensah, CEO of Menzgold Ghana Limited, and Governor of the Bank of Ghana, Dr. Ernest Addison.

The management of gold dealing firm Menzgold Ghana, has assured the public that their investments with the company are safe and that it will continue to deliver the best of service to its customers in Ghana and beyond.

In a riposte to a Bank of Ghana public notice accusing the company of breaching the Banks and Specialized Deposit-Taking Institutions Act, 2016, Act 930, Menzgold said the accusation by the regulator cannot be true as it neither accepts deposits from customers nor carry on a deposit taking business.

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Menzgold management described the Central Bank’s notice as ‘unfortunate and disparaging’, saying its doors are always opened to the regulator or any institution seeking clarification on its operations.

“Menzgold Ghana would like to assure our customers that we are a law abiding organization working within the remits of our license.

“We hereby state emphatically that we DO NOT accept deposits from customers or carry on a deposit taking business in Ghana. Our activities are not within the scope of the Banks and Specialized Deposit-Taking Institutions, Act, 2016, Act 930. It therefore CANNOT be said that we are in breach of the Act.”


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According to the rejoinder issued Tuesday, the Bank of Ghana has always been in the know that the activities of Menzgold Ghana Limited which are restricted to allowing customers to purchase gold or deal in gold as an alternative investment, are outside the scope of The Banks and Specialized Deposit-Taking Institutions Act.

“Menzgold Ghana finds it unfortunate and disparaging that the Bank of Ghana, with whom we have had a number of engagements over the years and taken them through our business procedures would still issue such a statement. Unfortunate and insensitive as the statement may be, we are resolved and even keener to continue to deliver the best of service to our customers in Ghana and beyond.

“Management assures the general public that doing business with Menzgold is safe. The Company is growing in strength and expanding with offices recently opened in United Kingdom, Spain and soon in Nigeria. Our doors as always are open to the Bank of Ghana and any other organization that would want to seek clarity on our business.

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“That said, it is imperative that Government and other State Intuitions support indigenous business initiatives to thrive in this economy while putting in the correct supervisory mechanisms to ensure that they operate within the remits of the law.

“We pray that authorities will show more interest in building, nurturing and supporting business growth in an enabling atmosphere as anything to the contrary could be detrimental to the economy of the Nation.”