News in Ghana: Management of Menzgold has assured the public their investments are safe with them

Management of Menzgold Ghana Company Limited has assured the general public that, their monies are safe with them.

Menzgold Ghana would like to assure our customers that we are a law-abiding organisation working within the remits of our license. The BoG on Tuesday, August 7, 2018, issued a public notice cautioning Menzgold.

Current news in Ghana shows that the management of Menzgold Ghana Company Limited has dismissed claims by the Bank of Ghana (BoG) that it is unsafe for the public to save with their firm. According to management, Menzgold is a law-abiding organization that has not flouted any laws within the banking sector. This was after the Central Bank issued a statement on Tuesday, warning the public about doing business with Menzgold.

The BoG said anyone who transacts businesses with Menzgold Ghana Company Limited “does so at his or her own risk”, adding that the Bank of Ghana will not be liable in the event of loss of investments of deposits. The public notice, which was signed by Secretary of the BoG, Caroline Otoo, said Menzgold does not have the license to engage in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients”. However, in a sharp riposte, the management of Menzgold has also issued a statement assuring the general public that doing business with their company is safe. “Menzgold Ghana would like to assure our customers that we are a law-abiding organisation working within the remits of our license,” sections of the statement read.

The statement added that the activities of Menzgold “are not within the scope of the Banks and Specialised Deposit-Taking Institutions, Act, 2016, Act 930. It therefore CANNOT be said that we are in breach of the Act.”

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