We don’t take deposits – Menzgold replies BoG

The Chief Executive Officer of Gold buying firm, Menzgold, Nana Appiah Mensah has described as “needless” threats by the Bank of Ghana (BoG) to penalize it for taking deposits.

The governor of the Central Bank, Dr. Ernest Addison disclosed Monday at a press conference that Menzgold will soon be sanctioned after preliminary investigations showed it is conducting business contrary to some provisions in the Banks and Specialised Deposit-taking institutions Act 2016 (Act 930).

“What is clear to us is that they have a system that accept deposits from public. That’s becoming very clear,” the governor of the Central Bank Dr. Addison said at the press conference to present highlights of the 82nd regular Monetary Policy Committee (MPC) meeting.

Reacting to the Central Bank’s claim, the CEO of Menzgold in a tweet Tuesday challenged the Central Bank to prove its allegations.

“So what happened to the presumption of innocence under article 19(1)c?” asked Appiah Mensah, stating emphatically that “MENZGOLD DOES NOT TAKE DEPOSITS. WE ARE LAW ABIDING.

“Respectfully, he who alleges must immediately discharge the burden of proof. Unsubstantiated utterances are needless. “The law is what the judge says it is.”


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