Following the Bank of Ghana press release that Menzgold is trading without a license and it’s further caution statement to the public, the Economic and Organised Crime Office (EOCO) has invited the CEO of Menzgold, Nana Appiah Mensah for a meeting.
On Tuesday, August 7th, 2018, Bank of Ghana released a statement to the public that it is in discussions with relevant regulatory authorities to sanction Menzgold Company Limited for engaging in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients” without a license to do so.
According to a report cited on Starrfmonline, the Executive Secretary of the anti-graft institution Mr. K.K. Amoah told the website Nana Appiah Mensah, the CEO of Menzgold has been invited on several occasions to the Old Parliament House “but has failed to honor the invitations.”
“We’re looking for him. We’re not getting him on phone, but we’ll pursue it,” the reliable source told Starrfmonline.com
Few hours after the BoG publication in the Daily Graphic, Nana Appiah Mensah popularly referred to as NAM1 took to Twitter to call the BoG names. He called them a propagandist institution who is trying to use Menzgold to cover up for their inefficiency of overseeing their licensed banks.
According to NAM1, Menzgold does not take a deposit and the Bank of Ghana is not it regulator; it’s rather the mineral commission.
But according to the Director General of the Securities and Exchange Commision (SEC), Rev. Daniel Ogbarmey Tetteh in an interview with JoyBusiness also said:
“MenzGold doesn’t have a license from SEC and I think we have put out a notice to that effect. We have some people asking about MenzGold and we did say that they don’t have a license from SEC.”
However, part of official statement reacting to the Bank of Ghana public notice that same day reads:
“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.
“The activities of Menzgold Ghana Limited is restricted to allowing customers to purchase gold or deal in gold as an alternative investment. The Bank of Ghana is clearly aware that these activities are outside the scope of The Banks and Specialized Deposit-Taking Institutions, Act, 2016, Act 930.
NAM1 is yet to respond to the invitation. Ghpage.com is following the ongoing struggle between Menzgold and Bank of Ghana. Stay with Ghpage.com more updates.