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Business News of Sunday, 19 August 2018

Source: citibusinessnews.com

Give EOCO unfettered access to Menzgold – Asiedu-Mante

A former Deputy Governor of the Bank of Ghana, Emmanuel Asiedu-Mante has backed the investigations into the operations of Menzgold by the Economic and Organised Crime Office (EOCO).

In his view, the probe is necessary if the sanctity of the financial sector is to be upheld.

Mr. Asiedu-Mante’s comments come on the back of the Bank of Ghana’s caution to the general public asking them to desist from making deposits with the gold buying company.

“EOCO is an investigative body and in order to be able to do a good job, they need to freeze the accounts and their operations to enable them to do their investigations properly. For all you know, they will come out and say there is nothing fishy with what they are doing. But then they need to be given unfettered access; if you do not do that and the funds at the bank are moved elsewhere, how do you come by the conclusion that what they are doing is genuine or not?” the former Deputy Governor asserted.

“Once investigators come in, they have to make sure that they have unfettered access to every available information that will enable them to come to the right conclusion,” he added.

The caution to the general public has been met with mixed reactions.

While some have resorted to possible withdrawal of their investments with the company, others are indifferent to the directive from the central bank.

The Precious Minerals Marketing Company (PMMC), had stated that it has revoked the license of Menzgold after it expired in 2016.

But the company has dismissed such claims saying that it rather decided not to renew its license.

It has also emerged that the Ministry of Lands and Natural Resources in 2016 granted Menzgold license to deal in the buying and export of gold to licensed buyers.

As a result, the decision to sell gold to the general public not necessarily licensed, is contrary to the law.