Business News of Sat, 12 Aug 20171

We are not ‘susu’ collectors’ - Menzgold to BoG

The Corporate Affairs Manager of Menzgold Company Limited, a Ghanaian investment company, Nana Yaw Offei denied the claim by a deputy Governor of Bank of Ghana, Dr Johnson Asiamah, suggesting that the company is taking deposits from customers.

Offei explained that the company (Menzgold) does not take deposits from customers because it is not a financial institution, stressing that the management of the firm are law abiding citizens and wouldn’t want to engage in any dubious venture that can ruin their hard-won reputation over the period.

He was reacting to the Deputy Governor of Bank of Ghana claims in an interview with Accra-based Class Fm.

Mr Offei said, “Menzgold Ghana Limited is a gold dealing firm, we buy gold and sell gold. All our operations are directly linked to the sale and purchase of gold.

Dr. Johnson Asiamah, a Deputy Governor of the Bank made the allegation when he appeared before the Public Accounts Committee (PAC) of Parliament on Tuesday, August 8, 2017.


According to him, the BoG caused a publication in the newspapers about Menzgold to the effect that they are not licensed 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.”

But the Corporate Affairs manager of Mensgold insists they are not into susu business.

“We are not a micro finance, neither are we a financial institution and so we do not take deposits in any way.”

He said they have the license that allows them to do legitimate business permissible by laws of the land.

“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.

Comments (1)

Today's Business News