{"id":448219,"date":"2017-12-19T11:30:37","date_gmt":"2017-12-19T11:30:37","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/12\/19\/why-bank-of-ghana-cant-close-down-menzgold\/"},"modified":"2017-12-19T11:30:37","modified_gmt":"2017-12-19T11:30:37","slug":"why-bank-of-ghana-cant-close-down-menzgold","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/12\/19\/why-bank-of-ghana-cant-close-down-menzgold\/","title":{"rendered":"Why Bank of Ghana can\u2019t close down MenzGold"},"content":{"rendered":"<p><\/p>\n<div id=\"medsection1\">\n<!-- End of html generated by this->header() --><\/p>\n<p class=\"floatLeft\">Business News of Tuesday, 19 December 2017<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>Graphic.com.gh <\/p>\n<p>2017-12-19<\/p>\n<div class=\"article-left\">\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/12\/61767494.295.jpg\" alt=\"Appiah Mensah\" title=\"Appiah Mensah\" width=\"295\" height=\"231\" \/><span class=\"image_caption\"><span>Nana Appiah-Mensah, CEO of MenzGold Ghana Limited<\/span><\/span><\/p>\n<div class=\"noPrint\">\n<div id=\"537626303\" style=\"width:300;height:250;margin:0;padding:0\">\n<p>\t\t  <noscript><iframe loading=\"lazy\" id=\"b2ad7fa7fd\" name=\"b2ad7fa7fd\" src=\"http:\/\/ghanaweb-d.openx.net\/w\/1.0\/afr?auid=537626303&amp;cb=151125817929577\" frameborder=\"0\" scrolling=\"no\" width=\"300\" height=\"250\"><a href=\"\/\/ghanaweb-d.openx.net\/w\/1.0\/rc?cs=b2ad7fa7fd&amp;cb=151125817929577\"><\/p>\n<p>\t\t  <img decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/12\/1513683037_372_ai\" border=\"0\" alt=\"\" \/><\/a><\/iframe><\/noscript><\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"clear:right\">The Bank of Ghana (BoG) has confirmed that precious minerals trading company, MenzGold, is taking deposits from the general public although it has not been licensed by the central bank to do that.<\/p>\n<p>The bank came to that realisation after its team of investigators completed an undercover investigation into the general operations of the company earlier this year.<\/p>\n<p>A source, however, added that the central bank was unable to close down MenzGold after realising that the company was operating with a licence granted it by the Minerals Commission and the Ministry of Lands and Natural Resources.<\/p>\n<p>\u201cThe problem is they have a licence from the ministry and commission to deal in gold and that makes it difficult for BoG to take an action against them,\u201d the source, who is familiar with the issue, told the Graphic Business on December 15.<\/p>\n<p>It added that the bank was now planning a meeting between its officials and the Ministry of Lands and Natural Resources to help find a common ground to the issue.<\/p>\n<p><b>Subterfuge methods<\/b><\/p>\n<p>The source added that the BoG team of investigators discovered that MenzGold\u2019s taking of deposits was done under \u201csubterfuge\u201d, making it difficult for one to find out.<\/p>\n<p>\u201cWhat they found was that the company takes the deposits under subterfuge, which is difficult to prove in court; subterfuge in the sense that they will take your GH\u00a21,500 and say that you have effectively bought gold and so they are holding it for you.<\/p>\n<p>\u201cThen they will say that in the meantime, you will be earning 10 per cent per month on that amount and that is 120 per cent per annum, the source said.<\/p>\n<p>\u201cThe BoG prime rate is 20 per cent; and if someone is giving 120 per cent, what is that person using the money for to be able to pay that interest?\u201d the source asked.<\/p>\n<p><b>BoG\u2019s action<\/b><\/p>\n<p>It is not clear what measures the BoG will take against MenzGold, given that the company continues to deny that it takes deposits from the general public.<\/p>\n<p>In September this year, the company\u2019s Corporate Manager, Nana Yaw Offei, said MenzGold was operating within the limits of its licence.<\/p>\n<p>\u201cMenzgold Ghana Limited is a gold dealing firm; we buy gold and sell gold. All our operations or whatever we do in our outlet are directly linked to the sale and purchase of gold.<\/p>\n<p>\u201cFor that reason, we have acquired the licence that gives us the chance to buy gold and sell gold, and that is by the Minerals Commission of the Republic of Ghana. We are not a microfinance, neither are we a financial institution and so we do not take deposits in anyway,\u201d he stressed.<\/p>\n<p>In spite of the assurance, BoG continues to warn the general public, through public statements, that those keeping deposits with it are doing so at their own risks.<\/p>\n<p><!-- uploaded by: 63 updated by: 63 --><\/p>\n<p><!-- Start of html generated by this->footer() -->\n<\/div>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a style=\"display:none\" rel=\"follow\" href=\"http:\/\/megatheme.ir\/\" title=\"\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633\">\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business News of Tuesday, 19 December 2017 Source: Graphic.com.gh 2017-12-19 Nana Appiah-Mensah, CEO of MenzGold Ghana Limited The Bank of Ghana (BoG) has confirmed that precious minerals trading company, MenzGold, is taking deposits from the general public although it has not been licensed by the central bank to do that. The bank came to that [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":448220,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-448219","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why Bank of Ghana can\u2019t close down MenzGold - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/12\/19\/why-bank-of-ghana-cant-close-down-menzgold\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Why Bank of Ghana can\u2019t close down MenzGold - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Business News of Tuesday, 19 December 2017 Source: Graphic.com.gh 2017-12-19 Nana Appiah-Mensah, CEO of MenzGold Ghana Limited The Bank of Ghana (BoG) has confirmed that precious minerals trading company, MenzGold, is taking deposits from the general public although it has not been licensed by the central bank to do that. The bank came to that [&hellip;]\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/why-bank-of-ghana-cant-close-down-menzgold\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/why-bank-of-ghana-cant-close-down-menzgold\\\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Why Bank of Ghana can\u2019t close down MenzGold\",\"datePublished\":\"2017-12-19T11:30:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/why-bank-of-ghana-cant-close-down-menzgold\\\/\"},\"wordCount\":499,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/why-bank-of-ghana-cant-close-down-menzgold\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Local News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/why-bank-of-ghana-cant-close-down-menzgold\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/why-bank-of-ghana-cant-close-down-menzgold\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/why-bank-of-ghana-cant-close-down-menzgold\\\/\",\"name\":\"Why Bank of Ghana can\u2019t close down MenzGold - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/why-bank-of-ghana-cant-close-down-menzgold\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/why-bank-of-ghana-cant-close-down-menzgold\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2017-12-19T11:30:37+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/why-bank-of-ghana-cant-close-down-menzgold\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/12\\\/19\\\/why-bank-of-ghana-cant-close-down-menzgold\\\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/#website\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Why Bank of Ghana can\u2019t close down MenzGold - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2017\/12\/19\/why-bank-of-ghana-cant-close-down-menzgold\/","twitter_card":"summary_large_image","twitter_title":"Why Bank of Ghana can\u2019t close down MenzGold - Ghanamma.com","twitter_description":"Business News of Tuesday, 19 December 2017 Source: Graphic.com.gh 2017-12-19 Nana Appiah-Mensah, CEO of MenzGold Ghana Limited The Bank of Ghana (BoG) has confirmed that precious minerals trading company, MenzGold, is taking deposits from the general public although it has not been licensed by the central bank to do that. 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