Menzgold Boss Apologises To BoG Governor

• Posted on August 15, 2018
• by Ellsamwise King
• Comment

The Chief Executive officer of Menzgold Ghana Limited Nana Appiah Mensah has apologised to the governor of the Central Bank Dr. Ernest Addison for his initial reaction to the Bank of Ghana’s  public caution over his gold firm.

The business magnate had scoffed at the governor on tweeter after the Central bank warned the public to desist from doing business with Menzgold since it does not have the requisite license to be doing the kind of business it is undertaking.

However in a tweet, Nam 1, as the Menzgold boss is popularly known, beat a retreat and admitted his fallibility.

“Owing to the fallible nature of man, I sincerely apologise for my initial reaction to the Bank of Ghana press release,” he wrote.
He also hinted that his business is currently engaging the Bank of Ghana over the concerns that have been raised by various regulators about his business.

“We’ve engaged & are cooperating with the BoG and other state agencies, to cordially resolve in the interest of our beloved Republic of Ghana. #GhanaShallProsper”.

Background

According to the Central Bank, Menzgold, which is known as a precious minerals trading company, is carrying out unlawful transactions by taking deposits.

Menzgold is currently operating with a license granted it by the Minerals Commission and the Ministry of Lands and Natural Resources.

In a public notice issued by the BoG, it said the company has no authority to engage in what it says are the “solicitation, receipt of money or investment and the payment of dividends or returns to its clients.”

The central bank maintained that Menzgold is in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

BoG further said in spite of several warnings to the company, Menzgold continues to engage in the illegality; hinting that discussions were already underway with regulatory authorities to enforce the appropriate action on the company.

“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.”