Menzgold not licensed -BoG

The Bank of Ghana (BoG) has stated that Gold dealership entity MENZGOLD Ghana Company Limited is not licensed and has no authority to engage in the solicitation, receipt of money and payment of dividends to its clients.

It questioned why the company has refused to heed to BoG instructions to desist from taking deposits.

It stated that activities of MENZGOLD is contrary to section 6 (1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).

A statement signed by the BoG Secretary Mrs Caroline Otoo warned the public to desist from transacting business with the company.

‘Accordingly, the general public is cautioned that anyone who transacts any of the above mentioned business with MENZGOLD Ghana Company Limited does so at his or her own risk, and Bank of Ghana WILL NOT be liable to such clients or depositors in the event of loss,’ it cautioned.

Months ago, the Securities and Exchange Commission (SEC) of Ghana announced that the company has not been licensed to operate in the capital market.

Read details of BoG’s statement:

NOTICE TO THE GENERAL PUBLIC
NOTICE NO. BG/GOV/SEC/2017/24
DEPOSIT TAKING ACTIVITY BY MENZGOLD GHANA COMPANY LIMITED
The Bank of Ghana wishes to notify the general public that in spite of a caution to MENZGOLD Ghana Company Limited to desist from the solicitation, receipt of money and payment of dividends to its clients, the company is still engaged in these activities, contrary to section 6 (1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).

The general public is hereby informed that MENZGOLD Ghana Company Limited is NOT LICENSED by the Bank of Ghana and has no authority to engage in the solicitation, receipt of money and payment of dividends to its clients.

Accordingly, the general public is cautioned that anyone who transacts any of the above mentioned business with MENZGOLD Ghana Company Limited does so at his or her own risk, and Bank of Ghana WILL NOT be liable to such clients or depositors in the event of loss.
(Sgd.) CAROLINE OTOO (MRS)
THE SECRETARY
Date: 28th

By: Ghana/Ultimatefmonline.com/106.9FM