Bank of Ghana has cautioned the general public against what it described as ‘’illegal’’ operations of Menzgold Ghana limited.
According to the Bank of Ghana (BoG) Menzgold, which is known as a precious minerals trading company, is carrying out unlawful transactions by taking deposits.
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).
According to the BoG, in spite of several warnings to the company, Menzgold continues to engage in the illegality; hinting that discussions were already underway with regulatory authorities to enforce the appropriate action on the company.
The bank went to caution cautioned the general public against transacting business with Menzgold.
“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.”