Bank Of Ghana Does Not Have Jurisdiction Over Menzgold – Nana Appiah Mensah


CEO of Ghana´s gold hub Menzgold, Nana Appiah Mensah, has vehemently responded to the Bank of Ghana (BoG), for cautioning the general public to desist transacting any business with the outfit.

Mr. Mensah in a tweet, deprecated the central bank´s caution, by asserting that Bank of Ghana has no jurisdiction over Menzgold, and thus the outfit does not operate under Act 930.

¨Did the Bank of Ghana issue warnings and cautions before closure of the banks they recently closed. And, again which criteria or regulation in Ghana can´t Menzgold meet to soundly operate if it´s so be¨, he quizzed.

In another tweet, Mr. Mensah requested the Central Bank to tell Ghanaians what really happened to the five (5) or so collapsed banks, which the Bank of Ghana duly licensed and supervised for years, pleading with the central bank not to heap blames on Menzgold as a cover for their flaws.

The Bank of Ghana has on several occasions been on the case of Menzgold asking the firm to cease operations since the firm does not have the legal backing to engage in such operations.

But, Menzgold have refuted such calls as they do not operate as a normal banking firm. So the central bank´s recent warning, comes as a surprise as it is deemed as nothing but rather an act to get clients of Menzgold to cease from doing business with the firm.

The Bank of Ghana in December 2017, revealed that Menzgold was taking deposits from the general public though it was not authorized to do so, but the central bank later discovered that, it was unable to close down Menzgold after realizing the company was operating with a licence granted it by the Minerals Commission and the Ministry of Lands and Natural Resources.

Mr. Mensah has however described BoG´s move as a mere propagandist threat.

¨TODAY’s JOKE: Bank of Ghana, so now you dey do propaganda???? I beg paa “Tell Ghanaians exactly what happened with the 5 or so collapsed banks you duly LICENSED & SUPERVISED for years. Please don’t attempt to use our dear Menzgold to cover up?. I beg make we think!‬¨, he wrote.

It is not clear what measures the BoG will take against Menzgold, given that the company continues to deny that it takes deposits from the general public.

Since Menzgold has denied all the allegations thrown at it by the BoG, it is not clear the next action of the central bank.



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