Menzgold has accused the Bank of Ghana of deliberately aiming to destroy their business.
According to lawyer for the firm Kwame Akuffo, the Central bank has directed local banks not to do business with the gold trading firm.
“I know for a fact that the Central Bank is telling banks not to do business with us, that wouldn’t be proper for an economy which thrives on free market, can that be proper? The Central Banks wants to find a way to cripple us, which is untenable, “ he told Starr News Ibrahim Alhassan in an interview Thursday.
Reacting to claims that the Central Bank may be coming after them because they are affecting deposits at the banks, Mr Akuffo said: “Because I’m a lawyer I don’t like to speak to suspicions but there is reasonable grounds from other informed members of society that Menzgold is attracting lots of gold deposits and that they are taking away money from the banks”.
He said the company has decided to suspend dividend payment to their customers out of respect to the Securities and Exchange Commission and not because they are bounded by law.
Menzgold in a statement Thursday said: “Following the notice from the Securities and Exchange Commission of Ghana issued on the 7th day of September, 2018, the Management of Menzgold Ghana limited in its bid to bring some finality to the issues once and for all has decided to place a temporal halt on all extra value payments and any new business related to our Gold Vault Market.
“The halt takes effect from Thursday 13th September and will be in place for 6 days, by which time we believe all pending issues related to the Gold Vault Market Product would have been ironed out.
We are certain this halt would not go beyond the 19th day of September, 2018.
“This decision, though very unfavourable to us has been informed by our commitment to the rule of law, absolute respect to state agents, agencies and total submission to the state”.