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General News of Tuesday, 14 August 2018

Source: Ghanaguardian.com

Menzgold boss apologises over BOG tweet, wants amicable solution

Chief Executive Officer of gold dealership firm, Menzgold, has issued an apology to the Bank of Ghana revealing that they are engaging the authorities to resolve issues surrounding the operations of the company.

Nana Appiah Mensah admitted that his tweet over a warning by the Central Bank over the operations of the company was awkward and asked the BoG and Ghanaians for forgiveness.

He revealed that since his unfortunate reaction on social media, his company has embarked on a mission to engage and cooperate with the relevant state institutions to ensure that their stand-off with the BoG is amicably resolved.

The BoG last week issued a statement on the business operations of Menzgold, cautioning the general public that the company is not licensed to take deposits which contravenes Sections 6(1) and 4(5) of the Banks and Specialized Deposit –Taking Institutions Act, 2016 (Acts 930).


But in a rebuttal on the video sharing platform Instagram, Mr.Mensah described the caution as a ‘joke’, which sparked concerns on social media over the reaction of the Menzgold boss.

Mr. Mensah has since performed a screeching apologetic U-turn by revealing that instead of being confrontational in their approach, they are embarking on a mission to work with all the relevant state institutions to ensure that there is an amicable solution.

He said in his tweet: “Owing to the fallible nature of man, I sincerely apologise for my initial reaction to the Bank of Ghana press release,” Nana Appiah Mensah wrote on social media on Tuesday.

“We’ve engaged and are cooperating with the Bank of Ghana and other state agencies to cordially resolve the matter in the interest of our beloved Republic of Ghana.




It was not the first time the Bank of Ghana was raising a red flag over the operations of the company but Menzgold said they operate legally which led to the stand-off.

According to the Bank of Ghana (BoG) Menzgold, which is known as a precious minerals trading company, is carrying out unlawful transactions by taking deposits.
In a public notice issued by the BoG, it said the company has no authority to engage in what it says are the “solicitation, receipt of money or investment and the payment of dividends or returns to its clients.”

The Central Bank maintained that Menzgold is in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) but Menzgold said they are not taking deposits.

The Company which operates with Ghana’s Minerals Commission license has several times insisted through many publications in the Daily Graphic, Ghanaian Times and Daily Guide that it is not licensed to operate as bank or accept deposits from the public.