THE ALLEGATION ON MENZGOLD STAIRS CONTROVERSY. BOG MUST GIVE THE RIGHT INFORMATION IN THE INTEREST OF THE COMPANY AND ITS CUSTOMERS

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THE ALLEGATION ON MENZGOLD STAIRS CONTROVERSY. BOG MUST GIVE THE RIGHT INFORMATION IN THE INTEREST OF THE COMPANY AND ITS CUSTOMERS.

The warning by the Bank of Ghana ton Ghanaians not to make cash deposits in Menzgold has stirred a huge controversy. The revelation was made by a Deputy Governor of the Bank Dr. Johnson Asiamah before the Public Accounts Committee (PAC) of Parliament on Tuesday August 8, 2017 who stated that Ghanaians who defy this caution do that at their own risk.

This warning comes on the heels of the yet to be settled infamous DKM and Jesta motors financial scandals where scores of traders were defrauded in some parts of the country.

Dr Asiamah told the committee that: “Only last week we caused a publication in the newspapers about Menzgold to the effect that we have not licensed them to accept deposits, because, to accept deposits, you will need a license from the Bank of Ghana. We have not licensed them and hence if you go ahead to do any business with them, it is at your own risk.”

He added that: “So we took the first step by notifying the public. If they ask you to give them deposit don’t do it.”

The information was given as a wakeup call to Ghanaians to get to know that that company was not registered as either a bank or a micro finance company. However, a few days afterwards the company came to deny operating as a bank thereby disputing the statement from the Deputy Governor of the central bank that is likely to cause fear and panic. The Corporate Manager of the Menzgold Nana Yaw Offei explained that the company does not take deposits from customers because it is not a financial institution. Mr. Offei said: “Menzgold Ghana Limited is a gold dealing firm, we buy gold and sell gold. All our operations or whatever we do in our outlet is directly linked to the sale and purchase of gold.

He added: “We have referred the matter to our legal team headed by Kwame Akufo to look at the issue, we are a law abiding firm and so we are asking them to assist us to bring the issue to a close.”.

Menzgold company is so peeved with the statement on them from the deputy governor of the Central Bank that they were contemplating resorting to legal action. If the company has not violated the banking laws they are right in getting peeved. However, the first step needed by them to settle this matter is to write to the Bank of Ghana to clarify their position and demand an apology and retraction of the allegation made against them. That would ensure a peaceful resolution of this matter because the two combatants would continue to work for the benefit of the nation.

BY:  ALHAJI ALHASAN ABDULAI / GHANAMEDIAWORLD.COM

EXECUTIVE DIRECTOR EANFOWORLD FOR SUSTAINABLE DEVELOPMENT,

E-MAIL:  ABDULAI.ALHASAN@GMAIL.COM / EANFOWORLD@YAHOO.COM

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