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Menzgold Ghana BoG warns general public against depositing money at Menzgold Ghana

In a notice issued and signed by the secretary of the Central bank Mrs Caroline Otoo, it stated that despite the several cautions to Menzgold Ghana “to desist from solicitation, receipt of money and the payment of dividends to its clients, the company persists in its deposit-taking activity.”

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The Bank of Ghana has reiterated its caution to the general public to desist from saving or investing money at Menzgold Ghana Company Limited.

In a notice issued and signed by the secretary of the Central bank Mrs Caroline Otoo, it stated that despite the several cautions to Menzgold Ghana “to desist from solicitation, receipt of money and the payment of dividends to its clients, the company persists in its deposit-taking activity.”

According to the BoG, this is in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

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The notice said that Menzgold is not licensed to receive money and pay dividends to clients.

“The Bank of Ghana wishes to reiterate that Menzgold Ghana Limited is not licensed and has no authority to engage in the solicitation, receipt of money or investments and the payment of dividends or returns to its clients.”

“The Bank of Ghana is in discussions with other relevant regulatory authorities towards the taking of appropriate action against the company,” it added.

READ ALSO: Landlords who demand more than one-year advance should be reported – Minister

This is not the first time the BoG is issuing a warning to the general public on this matter. The Central Bank and Civil Society Organisations have said this several times.

 

Meanwhile, the BoG said that it will not be held responsible if there is any loss of investment.

“Accordingly, anyone who transacts any of the above-mentioned businesses with Menzgold Ghana Company Limited does so at his or her own risk, and the Bank of Ghana will not be liable in the event of loss of investments or deposits.”

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