‘I beg, make I think’ – Menzgold CEO calls BoG’s bluff; says sanction warning is a ‘joke’
Chief Executive Officer (CEO) of Menzgold Ghana Company Limited, Nana Appiah Mensah, NAM1, has described as the “joke of the day”, the central bank’s latest public warning to his company to stop taking deposits or face sanctions.
The Bank of Ghana (BoG) on Tuesday, 7 August 2018, issued its fourth public notice that it is in discussions with relevant regulatory authorities to sanction Menzgold Company Limited for engaging in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients” even though it does not have a licence to do so.
The BoG, in a public notice signed by Mrs Caroline Otoo, Secretary to Governor Dr Ernest Addison, said in spite of several of cautions to Menzgold Ghana Company Limited to desist from the act, it persists in its deposit-taking activity in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
The central bank has cautioned the general public that anyone who transacts “any of the above-mentioned businesses with Menzgold Ghana Company Limited does so at his or her own risk”, adding that the Bank of Ghana will not be liable in the event of loss of investments of deposits.
This comes shortly after the BoG collapsed five struggling local banks – uniBank, Sovereign Bank, Construction Bank, The Royal Bank and Beige Bank – into the Consolidated Bank Ghana Limited.