Menzgold Saga Investment company denies taking deposit

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

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play Menzgold Ghana Limited (File Photo)
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Menzgold Company Limited, an investment company has denied reports by the Bank of Ghana that it takes deposits from its clients.

In an interview with Accra-based Joy FM, the Corporate Manager of the company Nana Yaw Offei said that the company does not take deposits because it is not a financial institution.

“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.”

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

His comments follow a warning by the Bank of Ghana to the general public against depositing money with the company because it is not licensed to transact such business.

A Deputy Governor of the Bank Dr Johnson Asiamah told the Public Accounts Committee (PAC) of Parliament on Tuesday, August 8, 2017, that Ghanaians will be taking a risk if they defy the caution.

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“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.”

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

Meanwhile, Offei said they have asked their lawyers to look into the allegations in order to bring the matter to a close.

“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.”

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