Flashback: 'I beg, make I think' - Menzgold CEO calls BoG's bluff; says sanction warning is a 'joke'

In 2018 when the Bank of Ghana issued its fourth public notice to warn Ghanaians about the operations of Gold dealership firm Menzgold, the CEO of the company, Nana Appiah Mensah described the alert as “the joke of the day”.

The central bank’s statement which was dated Tuesday, August 7, 2018, sought to warn customers on engaging in any form of business transactions with the firm.

According to the BoG, it was in touch with appropriate regulatory bodies to sanction Menzgold Company Limited for engaging in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients” even though it does not have a license to do so.

But in a response, Nana Appiah Mensah took to his Twitter page to make jokes out of BoG’s alert.

He tweeted “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…”

Fast forward to 2020, the gold dealership firm owned by Nana Appiah Mensah has folded up with huge debt owed to its customers.

Nana Appiah Mensah on the other hand was entangled in legal battles and was even reported to have served some months in jail, far away in Dubai.

Customers who failed to heed to BoG’s calls have in recent times staged numerous protests to demand their locked up funds.

Read the full story originally published on August 7, 2018, on Ghanaweb

Chief Executive Officer (CEO) of Menzgold Ghana Company Limited, Nana Appiah Mensah, NAM1, has described as the “joke of the day”, the central bank’s latest public warning to his company to stop taking deposits or face sanctions.

The Bank of Ghana (BoG) on Tuesday, 7 August 2018, issued its fourth public notice 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” even though it does not have a licence to do so.

The BoG, in a public notice signed by Mrs Caroline Otoo, Secretary to Governor Dr Ernest Addison, said in spite of several of cautions to Menzgold Ghana Company Limited to desist from the act, it persists in its deposit-taking activity in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

The central bank has cautioned the general public that anyone who transacts “any of the above-mentioned businesses with Menzgold Ghana Company Limited does so at his or her own risk”, adding that the Bank of Ghana will not be liable in the event of loss of investments of deposits.

This comes shortly after the BoG collapsed five struggling local banks – uniBank, Sovereign Bank, Construction Bank, The Royal Bank and Beige Bank – into the Consolidated Bank Ghana Limited.

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