by: michael eli dokosi /www.blakkpepper.com/ghana
A Deputy Governor of the Bank of Ghana, Dr. Johnson Asiamah has discouraged the Ghanaian citizenry from sending deposits to business entity Menzgold Company Limited stressing those who fail to heed the warning do so at their own risk.
Dr. Johnson Asiamah made the disclosure when he appeared before the Public Accounts Committee (PAC) of Parliament on Tuesday August 8, 2017 to answer questions on the banking sector.
“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,” Dr. Asiamah informed the committee.
According to Dr. Johnson Asiamah, although Menzgold was licensed by the Minerals Commission to buy and sell gold, it had veered off into accepting deposits from unsuspecting customers which is not part of its mandate because it ought not seek to perform the role of a bank.
This disclosure has led to Menzgold Company Limited issuing clarification on it activities debunking the claims of the Central Bank governor.
The Corporate Manager of the company, Nana Yaw Offei submits the company does not take deposits from customers because it is not a financial institution stressing “Menzgold Ghana Limited is a gold dealing firm, we buy gold and sell gold. All our operations or whatever we do in our outlet is directly linked to the sale and purchase of gold. For that reason we have acquired the license that gives us the chance to buy gold and sell gold that is by the Minerals Commission of the Republic of Ghana. We are not a microfinance, neither are we a financial institution and so we do not take deposits in anyway.”
With the fraudulent cases of microfinance DKM, God is Love Fun Club and Jesta Motors Financial fresh on the minds of victims who lost huge sums, there is need for clear information from the regulatory body regarding Menzgold’s operations especially when new creative arts force, Zylofon Media is owned by the same owner lest all these signed entertainers are left broken after high hopes.