The Chief Executive Officer (CEO) of Menzgold Nana Appiah Mensah has announced that the company will open a branch in Spain on June 1, 2018.

Nana Appiah Mensah revealed this in an Instagram post on his page.

“Glory be to God. Menzgold Espana official launch on the 1st June, 2018 at Pozuelo de Alarcon, 28224 Madrid, Spain. 4 pm to 8 pm. Dios bendiga a España Viva España (God bless Spain. Long live Spain)”

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The Bank of Ghana has had issues with Menzgold for a while. It has often warned customers not to deposit cash with the gold buying firm since it is not licensed to do that.

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.

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However, reacting to the allegations and threat, Nana Appiah Mensah described such threats as ‘needless’.

“So what happened to the presumption of innocence under article 19(2)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".