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Business News of Tuesday, 22 May 2018

Source: Arnie Baidoo

We are law-abiding – CEO of Menzgold responds to Bank of Ghana

The Bank of Ghana (BoG) has indicated that it would soon take action against gold-buying firm Menzgold after preliminary investigations found it was taking deposits without approval.

In a rebuttal, the Chief Executive Officer of Menzgold, Nana Appiah Mensah, has rubbished the statement, calling it needless.

In a social media post, Nana Appiah, for the umpteenth time, responded to BOG's incessant claim, that Menzgold takes deposit.

He wrote;
“So what happened to the presumption of innocence under article 19(1)c? MENZGOLD DOES NOT TAKE DEPOSITS. WE ARE LAW ABIDING. Respectfully, he who alleges must immediately discharge the burden of proof. Unsubstantiated utterances are needless. The law is what the judge says it is."

Nana Appiah Mensah is also the CEO of the Zylofon conglomerate, whose unit, Zylofon Cash, is sponsoring the Ghana Premier League in a multi-million deal.

Menzgold Ghana Limited is one of Ghana’s most respected independent gold firm that provides market leading advice, valuation, management, brokerage and transaction support to investors, corporate bodies, government departments etc. The company also provides commercial gold services to help clients turn fixed assets into dynamic assets.



Here is the report by www.myjoyonline.com on BOG’s claim;
Bank of Ghana (BoG) has indicated that it would soon take action against gold buying firm Menzgold after preliminary investigations found it was taking deposits without approval.

Responding to questions at MPC press conference Monday, BoG Governor, Dr Ernest Addison said that the Central Bank will collaborate with the Lands and Natural Resources Ministry to finalize on Menzgold.

“What is clear to us is that they have the system that accepts deposits from the public. We are discussing with the Ministry who originally gave them their license," the Governor said.

BoG in the latter part of last year warned the public not to deal with the institution because it was not licensed to take deposits.