‘Doing business with us is safe' – Menzgold rubbishes BoG claims

Menzgold has refuted claims by Bank of Ghana that the company functions as a Specialised Deposit-taking institution.

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).

Meanwhile Menzgold in a press statement has discarded such assertions adding that it does not operate as a normal banking firm.

The company went on further to note that their activities are restricted to ‘only’ allowing customers to purchase or deal in gold as a substitute investment and thereby cannot be accused of breach of law.

“The activities of Menzgold Ghana Limited is restricted to allowing customers to purchase 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”, The statement read

Meanwhile the Bank of Ghana has issued a notice warning the public about any dealings with the gold buying firm, adding that anyone who transacts any of the above-mentioned business with Menzgold Ghana Company Limited, does so at his/her own risk and Bank of Ghana will not be liable to such clients and depositors in the event of loss.

Read Menzgold’s response to Bank of Ghana in the press statement below