We don’t take deposits - Menzgold to BoG

Menzgold Company Limited, an investment company has denied the company takes deposits from its customers.

The Corporate Manager of the company Nana Yaw Offei explained that the company does not take deposits from customers because it is not a financial institution.

His comment comes on the heels of the Bank of Ghana (BoG) cautioning the general public not to deposit any money with the company because it has not been licensed to do so.

A Deputy Governor of the Bank Dr Johnson Asiamah appearing before the Public Accounts Committee (PAC) of Parliament on Tuesday August 8, 2017 noted that Ghanaians who defy this caution do that at their own risk.

Dr Asiamah told the committee: “Only last week we caused a publication in the newspapers about Menzgold to the effect that we have not licensed them 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.”

He added that: “So we took the first step by notifying the public. If they ask you to give them deposit don’t do it.”

But reacting to the BoG claims in an interview with Valentina Ofori-Afriyie on the 505 news programme on Class 91.3FM on Tuesday August 8, 2017, Mr Offei said: “Menzgold Ghana Limited is a gold dealing firm, we buy gold and sell gold. All our operations or whatever we do in our outlet is directly linked to the sale and purchase of gold.

“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.

“We are not a microfinance, neither are we a financial institution and so we do not take deposits in anyway.”

He added: “We have referred the matter to our legal team headed by Kwame Akufo to look at the issue, we are a law abiding firm and so we are asking them to assist us to bring the issue to a close.”