The Bank of Ghana has reportedly issued a warning to the chief executive officer (CEO) of Menzgold, Nana Appiah Mensah, concerning the future of his company.
According to the BoG, Menzgold was engaging in banking activities and cautioned the company to halt such activities but all have fallen on its deaf ears.
Following the collapse of five Ghanaians banks which have been merged to form the Consolidated Bank, the BoG hinted that its next move is Menzgold.
The collapsed banks are Unibank, Royal Bank, Sovereignty Bank, Construction and Beige Bank.
However, Nana Appiah Mensah had called the bluff of the BoG, terming their move a joke.
Against this backdrop, YEN.com.gh has gathered four crucial facts about the ongoing BoG-Menzgold brawl which if care is not taken could spell the doom of Menzgold.
1. BoG is a joke: According to Nana Appiah Mensah, the Bank of Ghana’s move to target his company is simply a joke. In an earlier report by YEN.com.gh, the Zylofon Boss said Menzgold doesn’t operate under the BoG, therefore, any attempt to target it is simply a baseless propaganda. Nana Appiah also revealed that he had once had a year-long meeting with the BoG over Menzgold, and so the “matter must end there”. But there could indeed be trouble for Menzgold if the Zylofon Boss doesn’t not put aside the ‘joke’ attitude and meet the BoG over again to solve any outstanding misunderstanding.
2. EOCO invitation: YEN.com.gh has also reported the story of the Economic and Organized Crime Office (EOCO) inviting the Zylofon Boss for questioning. This could be stemmed from his clap back at the BoG calling it a joke. The invitation by EOCO seems to be a bad sign for Menzgold. It would be in Nana Appiah’s own interest to meet with the EOCO and the BoG to iron things out.
3. Fear of losing investment: The ongoing brawl between the Bank of Ghana and Menzgold would undoubtedly raise fears among Ghanaians, especially, those who have investment with the gold trading company. If they decide to storm the company to have their investment contract terminated, the company could by all means go down just the way BoG is aiming at.
4. BoG’s track record: The BoG has a track record of dealing with any financial institution they determine to go after. They have successfully dealt with a brought down all the companies they warned were flouting banking rules and were not meeting their requirement.
The recent examples being the five collapsed banks mentioned earlier. Therefore, Menzgold is not immune to the BoG’s ‘pull him down syndrome’, and so once again, it would be in Nana Appiah’s own interest to meet with the nation’s bank once again to deal with the matters arising once and for all.
Meanwhile, the BoG – Menzgold ‘fight’ has been topical and almost everyone is talking about it.
Sarkodie’s wife, Tracy Sarkcess, recently fired the Bank of Ghana over Menzgold.
According to Tracy, the BoG must focus on the banks and leave Menzgold alone.
She defended Menzgold further by ordering the BoG to know the difference between those squandering money and those giving out money.
It is expected that this issue would be solved and faster for peace to prevail between the Bank of Ghana, Menzgold and it’s many clients.
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