Menzgold shuts down operations as it postpones payment of dividends

Menzgold shuts down operations as it postpones payment of dividends

Gold dealership firm, Menzgold Ghana Limited, has shut down operations today [Friday October 5, 2018] after it promised to pay customers their monies.

The reasons for this decision is unknown as agitated customers besiege the East Legon branch of the firm to claim their monies.The company has not opened for business today because it wants to readjust the payment schedule again.

Menzgold has indicated that the decision had become necessary due to what it has described as “assaults on staff and threats by arms to lives and properties by aggrieved clients.”

So far, the man in charge of the communications of Menzgold, George Quaye, has resigned with immediate effect.

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George Quaye's resignation was tendered in on Thursday, October 4, 2018 over reasons yet to be confirmed. has gathered that the decision to resign could be traced to the current issues the embattled gold dealership firm is having with the Bank of Ghana and the Securities and Exchange Commission (SEC).

"A hushed internal strife between Mr. Quaye and the management of Menzgold as a possible reason for the resignation," also claims.

History of Menzgold's woes

It all happened when the Bank of Ghana issues a public statement warning against trading activities with Menzgold. According to the letter by the Bank of Ghana, Menzgold Company Limited is on the verge of being sanctioned for involving in the “solicitation, receipt of money or investment and the payment of dividends or returns to its clients” when it does not have the license to do so.

The Bank of Ghana has warned that Menzgold has operated without a license from the Minerals Commission and the Ministry of Lands and Natural Resources thus flouting the Banking laws of the country.

In a sharp rebuttal, CEO of Menzgold described the warning as a joke. He argued that the Bank of Ghana must rather explain to Ghanaians the real story behind the collapse of some five banks it supervises years ago.

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