A Banking Consultant, Nana Otuo Acheampong has said that the Bank of Ghana (BoG) must sanction Menzgold if it is flouting provisions of the Banks and Specialized Deposit-Taking Institutions Act (Act 930).

In an interview with Accra-based Citi FM, he said the Central Bank must have evidence to support its claims that Menzgold is receiving deposits then it can sanction them.

He added that if the BoG fails to punish Menzgold after finding them guilty, it will only be giving room for such acts to be repeated.

READ ALSO: Parliament approves budget without minority

“At the moment, the situation appears confusing because of the BoG notices especially the latest one clearly states that it appears that the institution is taking deposits notwithstanding the earlier warnings that you’ve given them. So if it appears that they are still taking deposits, then what more.”

“Unless that phrase ‘appears’ is that in reality, they are not taking deposits, but it is only apparent. If it is only apparent, then probably they do not have evidence in law. But if it is real then they are taking deposits, then they are breaking Act 930 and they have to be sanctioned and the regulator is the one who has got to tell us exactly what to expect now,” he added.

His comments follow the latest directive from the Bank of Ghana cautioning the public against depositing money at Menzgold.

This is the third time such a caution has been issued in 2017 alone. According to the BoG Menzgold has not been licensed to do so.

READ ALSO: Here are the dates public workers will be paid in 2018

But the company has on each occasion, dismissed any such claims.

However, Nana Otuo Acheampong believes the BoG must work tirelessly to get to the root of this issue.