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General News of Tuesday, 14 August 2018

Source: Myjoyonline.com

I’m sorry BoG; Menzgold boss eats humble pie

The Chief Executive of gold dealing firm, Menzgold has eaten humble pie after calling the bluff of the Bank of Ghana.

Nana Appiah Mensah posted on his Twitter account Tuesday that he sincerely apologises for his reaction to the Central Bank’s warning.

“Owing to the fallible nature of man, I sincerely apologise for my initial reaction to the Bank of Ghana press release,” he wrote.

He also added his firm is coordinating with the Central Bank to find a solution to the issues of regulation.

“We've engaged & are cooperating with the BoG and other state agencies, to cordially resolve in the interest of our beloved Republic of Ghana. #GhanaShallProsper,” he added.



Background

The Bank of Ghana in 2017 issued a public notice cautioning individuals not to deal with Menzgold because the company was flouting some laws.

In that announcement, the Central Bank noted that under the country’s banking laws, Menzgold was conducting business contrary to some provisions in the Banks and Specialized Deposit-taking institutions Act, 2016 (Act 930).

BoG later in the year issued a second notice warning the public again 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.”

Earlier this month, the BoG issued a fresh warning to the public to desist from dealing with Menzgold.



But the Chief Executive of Menzgold Nana Appiah Mensah did not take kindly to the warning. In a post on social media, the Menzgold boss charged BoG to stop the propaganda and explain to Ghanaians how some five banks collapsed.

He said the BoG cannot use them [Menzgold] as cover-up.

But Nana Appiah has since apologised for the comment made.