BoG to penalise Menzgold for taking deposits

BoG to penalise Menzgold for taking deposits

- Bank of Ghana (BoG) says preliminary investigations shows Menzgold it taking deposits without approval

- The BoG last year warned the public not to deal with Menzgold

The Bank of Ghana (BoG) has threatened to take action against Menzgold after it was found that the gold buying firm has been taking deposits without approval.

This was made known by BoG Governor, Dr Ernest Addison, who was speaking at the MPC press conference Monday.

BoG to penalise Menzgold for taking deposits

BoG governor, Dr. Ernest Addison

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He said the Central Bank will collaborate with the Lands and Natural Resources Ministry to take a final decision on Menzgold.

According to him, Menzgold are not licensed to take deposits, but have been acting contrary.

What is clear to us is that they have the system that accepts deposits from the public. We are discussing with the Ministry who originally gave them their license," Dr. Addison said.

In the latter part of 2017, the Central Bank warned the public against dealing with the gold buying frim.

The BoG maintained that Menzgold is not licensed and, therefore, cannot take deposits.

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The Central Bank argued that the company was conducting business contrary to some provisions in the Banks and Specialized Deposit-taking institutions Act, 2016 (Act 930).

But Menzgold, at the time, rejected claims that they were taking deposits from the public.

The company explained that they were just involved in commodity trading, buying and selling of Gold.

However, the latest stance by the BoG has once again raised concerns over the operation of Menzgold in the country.

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