Over the past few days, one of the most trending topics in Ghana is the ongoing brouhaha between the gold deposit company, Menzgold, and Bank of Ghana.
Bank of Ghana on Tuesday, August 7th, 2018, 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.
Few hours after the BoG publication in the Daily Graphic, Nana Appiah Mensah rubbished the notice from BoG and called them names. He called them a joke and 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 its regulator; it’s rather the Minerals Commission.
Yesterday 8th August, the Economic and Organised Crime Office (EOCO) invited the CEO of Menzgold, Nana Appiah Mensah for questioning following the Bank of Ghana publication.
Ghpage.com has compiled 4 major actions that could likely spell doom for Menzgold in the coming days if things are not settled immediately.
Calling BoG A Joke
Nana Appiah Mensah, the CEO of Menzgold barely an hour after the publication from Bank of Ghana instead of addressing the issue simply took to Twitter to call Bank of Ghana a Joke in such a sensitive issue.
If NAM1 does not sit down and thrash issues out with BoG, Menzgold is likely to suffer serious repercussions from his tweets.
Bank Of Ghana Publication
It does not matter if the Bank of Ghana is the regulator of Menzgold or not as being claimed by NAM1, the notice put out by the Bank of Ghana will shake investors confidence in Menzgold.
Already, investors are questioning if their money is safe. Ghpage.com has had a lot of its readers who have invested in Menzgold calling to find out more about the ongoing Menzgold “Conflict” with Bank of Ghana.
News broke yesterday, 8th August 2018 that the Economic and Organised Crime Office (EOCO) has invited NAM1 for questioning following the Bank of Ghana publication that Menzgold is operating without a license. NAM1, Ghpage.com gathers is yet to honor the invitation.
Investors confidence has shaken since the news went viral. The EOCO invite is likely to spell doom for Menzgold if it is not handled with all the necessary professionalism that it needs.
BoG’s Track Record
From what Ghpage.com has gathered, no bank that has flouted Bank of Ghana regulations with impunity has ever had the last laugh.
In the case of Menzgold, not only are they disregarding the regulations according to the Bank of Ghana, their CEO is openly mocking and calling Bank of Ghana names. Menzgold will not have the last laugh if BoG decided to go after establishment.
Ghpage.com is following the ongoing tussle between Menzgold and Bank of Ghana and will report back when there is any new development.