Menzgold can't take deposits - BoG warns again

The Bank of Ghana (BoG) has reiterated its caution to the general public not to deposit any money with Menzgold Company Limited, an investment company, because it has not been licensed to do so.

The central bank earlier in the year warned the public not to deposit money with the company and further cautioned the company to desist from taking deposits and stop the payments of dividends but the BoG says Menzgold is still engaged in these activities.

The bank in a statement said it wishes “to notify the general public that in spite of the caution to Menzgold Ghana Company Limited to desist from 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 Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

“The general public is hereby informed that Menzgold 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 client.

“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/her own risk and Bank of Ghana will not be liable to such clients and depositors in the event of loss.”