One of the company's branches
One of the company's branches
- Advertisement -

The dispute between the Bank of Ghana (BoG) and Menzgold Ghana Company Limited, regarding the operations of the minerals trading company, continue to rage as the two trade accusations.

In the latest turn of events, the management of Menzgold has expressed grave concerns over BoG’s latest threat of taking punitive actions against it, describing the central bank’s warning was “unfortunate.”

The central bank had indicated that it was moving against Menzgold. The issue first emerged over a year ago when BoG indicated that it had not licenced Menzgold to engage in deposit taking.

- advertisement -
Dr Ernest Addison, Governor of BoG
Dr Ernest Addison, Governor of BoG

According to the regulator, Menzgold, which is known as a precious minerals trading company, is carrying out unlawful transactions by taking deposits.


But, in a statement issued by Menzgold on Tuesday August 7, the company expressed shock over the intended action, saying that the central bank was fully aware of its operation and wondered why it would want to take such action.

“Menzgold finds it unfortunate and disparaging that the Bank of Ghana with whom we have had a number of engagements over the years and taken them through our business operations would still issue such a statement”, the statement said.

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).

The company in the statement, however, denied taking deposits and insisted that it was operating within the remits of its license; a claim the BoG had earlier questioned.

Menzgold further called for calm among its customers and assured them that their investments were safe.

“Unfortunate and insensitive as the statement may be, we are resolved and even keener to continue to deliver the best of service to our customers in Ghana and beyond. The company is growing in strength and expanding with offices recently opened in United Kingdom, Spain and soon in Nigeria. Our doors as always are opened to the Bank of Ghana and any other organization that would want to seek clarity on our business,” it said.

Nana Appiah Mensah, CEO of Menzgold
Nana Appiah Mensah, CEO of Menzgold

The Deposit-Taking Institutions Act, 2016 (Act 930) stipulates among others that ; (1) Subject to this Act, a person shall not carry on a deposit-taking business in or from within the country unless that person is a body corporate formed under the laws of this country.

(2) A person that is not a body corporate formed under the laws of the country may, with the prior written approval of the Bank of Ghana, carry out a deposit-taking business in or from within the country.

(3) A person shall not propose to be a shareholder of a deposit-taking microfinance institution unless that person is a citizen

(4) The Bank of Ghana shall issue directives to govern the operations of persons exempted under subsection (2).

(5) For the purpose of this Act, deposit-taking business means the business of a) taking money on deposit and making loans or other advances of money; and (b) financial activities prescribed by the Bank of Ghana for purposes of this definition.

By Edmund Mingle/

VIAEdmund Mingle
Previous articleUniBank shareholders sue Bank of Ghana
Next articleMediation Training Course opens at Catholic University
ADR Daily is a specialized news portal with a focus on providing authentic news, information and research analysis on Appropriate Dispute Resolution (ADR), Human Resource Management (HRM) and Industrial Relations Management (IRM) in Ghana and beyond. This platform serves as an information resource base for the progress of the ADR, HRM and IRM industries, and seeks to promote professionalism in ADR practice by supporting a network of ADR professionals within and across nations and continents. ADR Daily keenly encourages the mass adoption of ADR mechanisms, particularly negotiation, mediation and arbitration for the resolution of disputes in all spheres, through the publication of industry news and information, as well as by deploying innovative awareness creation engagements.