Dr. Johnson Asiamah Here is why the Bank of Ghana is warning the general public not to save at Menzgold

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The Bank of Ghana is cautioning the general public against saving at the Menzgold investment company, saying that investment group, MenzGold is not licensed to conduct banking business.

This was disclosed by the deputy governor of the BoG at the Public Accounts Committee hearing today on the Central Bank’s measures against such scams.

Deputy Governor Dr. Johnson Asiamah explains that the group was licensed by the Minerals Commission to buy and sell gold, it had veered off into accepting deposits from unsuspecting customers.

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.

This would be the latest financial sector scam following DKM and God is Love Fun Club among others.

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

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.

Dr. Asiamah stated that measures were being put in place to ensure that people become aware of licensed financial institutions in the country.

“Let me use this medium to educate our people. We are just too ready to give money to anyone that promises a good return. We are quick to just give our monies to them. If you look at the newspapers now we are publishing what we call the clean list”.

Explaining the DKM Microfinance debacle, Dr. Asiamah stated that the processes are ongoing to liquidate the company.

“You mentioned the DKM issue and as you know when any company goes down it has to go through liquidation. So there is a liquidation process that is going on by the Registrars General. They are working with their lawyers, they are working with one of their audit firms and they are working in line with the liquidations act.”

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