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Menzgold CEO Nana Appiah Mensah invited by EOCO

The Economic and Organised Crime Office
(EOCO) has invited the Chief Executive Officer (CEO) of Menzgold Nana Appiah Mensah over the operations of the gold investment company.
This comes after the Bank of Ghana (BoG) issued a public notice cautioning the general public against depositing money at Menzgold.
The BoG also added that it is in discussions with relevant regulatory authorities to sanction Menzgold Company Limited for engaging in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients” without the required license.
According to Accra-based Starr FM, EOCO has taken the issue up to investigate the activities of Menzgold.
A source disclosed that Nana Appiah Mensah has failed to show up after he was invited on several occasions.
“We’re looking for him. We’re not getting him on phone, but we’ll pursue it,” the reliable source noted.
After the recent public notice by the BoG, EOCO has intensified its efforts to track down the philanthropist to “hold discussions about his business dealings.”
Central Bank’s Warning
The Bank of Ghana has said that Menzgold is not licensed to take deposits.
Menzgold is currently operating with a license granted it by the Minerals Commission and the Ministry of Lands and Natural Resources.
In a public notice issued by the BoG, it said the company has no authority to engage in what it says are the “solicitation, receipt of money or investment and the payment of dividends or returns to its clients.”
The central bank maintained that Menzgold is in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
Meanwhile, the BoG said that it will not be held responsible if there is any loss of investment.
“Accordingly, anyone who transacts any of the above-mentioned businesses with Menzgold Ghana Company Limited does so at his or her own risk, and the Bank of Ghana will not be liable in the event of loss of investments or deposits.”
Menzgold’s response
The Chief Executive Officer (CEO) of Menzgold Ghana called the bluff of BoG.
The management of Menzgold Ghana also urged the public to disregard the notice from the Central Bank.
The management of Menzgold said it is safe for the public to invest with their organization.
“Our activities are not within the scope of the Banks and Specialized Deposit-Taking Institutions, Act, 2016, Act 930. It, therefore, cannot be said that we are in breach of the Act,” a statement from Menzgold said.

Simon Kabutey
Simon Kabutey
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