The Bank of Ghana has threatened to penalize Menzgold for taking deposits. However, Nana Appiah has their threats as 'needless'
Nana Appiah Mensah was reacting to the Central Bank’s claim that they accept deposits. The BoG has, therefore, threatened to penalize Menzgold for taking deposits.
The governor of BoG Dr Ernest Addison said at a press conference that Menzgold will soon be sanctioned after preliminary investigations showed it is conducting business contrary to some provisions in the Banks and Specialised Deposit-taking institutions Act 2016 (Act 930).
“What is clear to us is that they have a system that accepts deposits from the public. That’s becoming very clear,” Dr Addison said at the press conference to present highlights of the 82nd regular Monetary Policy Committee (MPC) meeting.
However, reacting to the allegations and threat, Nana Appiah Mensah described such threats as ‘needless’.
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He rather called on the BoG to prove its allegations.
“So what happened to the presumption of innocence under article 19(1)c? Menzgold does not take deposits. we are law abiding. Respectfully, he who alleges must immediately discharge the burden of proof. Unsubstantiated utterances are needless. "The law is what the judge says it is"