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08 August 2017

Don’t save with Menzgold – BoG warns public

The Bank of Ghana has issued a stern warning to the general public over investment company Menzgold, insisting that operations of this institution in taking deposits for profits should be ignored by all and sundry.

BoG explained the company is strictly a Gold-buying company and not a licensed investment and Banking company to accept deposits.

Officials of the country’s Central Bank appearing before the Public Accounts Committee of Parliament to respond to the Auditor General’s report on the statement of Foreign exchange receipts and Payment of Bank of Ghana for the half year ending 2016, in strong words cautioned the general public against investing their monies with the gold company Mensgold.

A Deputy Governor Dr. Johnson Asiamah hinted, the group is not licensed to take banking deposits and anyone who does that puts himself at risk.

He mentioned this when the Member of Parliament for Gomoa West in the Central region, Kwadwo Kum Abban raised alarm on the operations of this gold firm.

According to the Deputy Governor, aspects of operations of this entity is illegal and beyond it’s scope cautioning the general public not to transact any banking deposits with them.

However, Dr. Asiamah noted that, Bank of Ghana has adopted some quick measures to pin them down to prevent disaster in the country.

This wild warnings comes on the heels of the yet to be settled bunco scheme in 2015 that involved infamous DKM and Jesta motors scandal where scores of Ghanaians were defrauded in some parts of the country.

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