Menzgold will not exist again - Deputy Finance Minister

Menzgold will not exist again - Deputy Finance Minister

The Deputy Minister for Finance, Charles Adu Boahen, has given the biggest indication yet that Menzgold Ghana Limited could soon be out of business for good.

According to him, the gold dealership firm has so far failed to provide the necessary documents and licenses to suggest its business is genuine.

Menzgold has been in the news in recent months following disagreements with the Bank of Ghana (BoG) regarding its operations.

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The latest development is the order from the Securities and Exchange Commission (SEC) to have the company shut down its gold trading activities.

Subsequently, the company halted its collectibles and all other new businesses related to its gold vault market, albeit temporarily.

This, however, led to some customers of the firm besieging the various offices of Menzgold to demand that their investments are returned to them.

But speaking at the JoyBusiness Financial Service Forum, the Deputy Finance Minister suggested that Menzgold may never return to business again.

With the Menzgold issue, I think it is clear that the end is here. He is done,” Mr. Adu Boahen emphatically stated at the Forum.

According to him, irrespective of the fact that, Menzgold’s activities have been terminated, the management of Menzgold must ensure that every depositor receives his or her money.

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Meanwhile, the Chief Executive Officer (CEO) of Menzgold, Nana Appiah Mensah, maintains that the gold dealership firm is not a financial institution as people claim, adding that the company is here to stay.

In a Twitter post on Thursday, NAM1 wrote:

Menzgold is NOT a financial institution. Menzgold is a vibrant promising African brand, that is here to stay. Menzgold is law abiding. Great is thy faithfulness, O! God. Hail! Menzgold #Floreat! Menzgold.”

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Source: Yen.com.gh

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