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Ghana: Menzgold not licensed to take cash deposits – BoG warns

The Bank of Ghana (BoG) is cautioning the general public to stay away from depositing their monies with Menzgold as they have not been licensed to accept deposits.

According to the Central Bank Menzgold is not licensed to take banking deposits hence anyone who does business with them do so at their own risk.

Deputy Governor of the BoG, Dr. Johnson Asiamah gave the caution on Wednesday when officials of the bank appeared before the Public Accounts Committee of Parliament to respond to the Auditor Generals report on the Statement of Foreign Exchange Receipts and Payment of Bank of Ghana for the half year ending 2016.

He said though the Company was licensed by the Minerals Commission to buy and sell gold, it had veered off into accepting deposits from unsuspecting customers.

Dr. Johnson Asiamah who was responding to a question from the Member Parliament for Gomoa West in the Central region Kwadwo Kum Abban on the operations of the gold firm warned members of the general public against investing their monies with the gold company mensgold.

“Let me use this medium to educate our people. We are just too ready to give money to anyone that promises a good return. We are quick to just give our monies to them. If you look at the newspapers now we are publishing what we call the clean list,” he said.

He informed the Committee that the company is operating illegally and called on the general public not transact any “banking deposits with them.”

“Only last week we caused a publication in the newspapers about Menzgold to the effect that we have not licensed them to accept deposits, because, to accept deposits, you will need a license from the Bank of Ghana. We have not licensed them and hence if you go ahead to do any business with them, it is at your own risk.”

“The Minerals Commission has given them a license to purchase gold so based on that we cannot just get up and close them down. There has to be evidence that they are accepting deposits thereby flouting the our regulations. So we took the first step by notifying the public and it came out in quite a number of the newspapers that these people are not to accept deposits and if they ask you to give them money you should not do so,” he added.

Dr. Asiamah noted that, Bank of Ghana has put in place measures to pin them down to prevent disaster in the country.

“So we took the first step by notifying the public. If they ask you to give them deposit don’t do it,” he said adding that operations of this institution to take deposits for profits should ignored by all and sundry.

The caution comes on the back of the yet to settle infamous DKM and Jesta motors financial scandal where scores of traders were defrauded in some parts of the country.

Source: Gily Sparks | parliamentafrica.com

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