The comments come on the back of a caution by the Bank of Ghana to the general public not to deposit any money with Menzgold Company Limited, an investment company.
This follows a repeated caution by the Bank of Ghana to the general public not to deposit any money with Menzgold Company Limited, an investment company.
This is because it has not been licensed to take deposits.
The central bank earlier in the year cautioned the company to stop taking deposits and also stop making payments of dividends. The BoG also cautioned the public no to deposit money with Menzgold.
However, BoG said 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).”
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“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 a loss.”
But the CEO of Menzgold on Friday took to his twitter handle and descended heavily on the bank saying: “BOG is well informed that, Menzgold is operating within the legal framework as it is now. Where is Ghana's commodities trading Act? Stop this hypocrisy!”