Vice President of Policy Think Tank, IMANI Africa, Bright Simons, says the Bank of Ghana has crossed its boundaries by meddling in the operations of Menzgold.

According to him, the Central bank’s directive conflicts with the responsibility of the state agencies tasked to supervise such business entities.

The Central Bank since last year has been warning the general public against doing business with Menzgold because the company is not registered to take deposits.

But Bright Simons says the Securities and Exchange Commission (SEC), is the agency responsible for regulating the operations of Menzgold.


He, therefore, called on the SEC to scrutinize the company and ensure depositors’ funds are safe.

Bank of Ghana seems to want to position itself as some kind of octopus age across the financial sector. The Bank of Ghana should rather get the Securities and Exchange Commission (SEC) to ensure the safety depositors’ funds. All these people that have already got their monies into Menzgold, they deserve some protection,” he said.

Menzgold Company Limited was in 2017 cautioned against its persistent sale of gold to unauthorized persons.

The Minerals Commission in a letter to the company had also given it 10 days to correct its “misrepresentations” in the media concerning its operations and license.

The company, which has recently courted controversy over its operations, was licensed solely to buy gold in Ghana and export to other countries.

However, the Minerals Commission observed that the company was misinterpreting the authority granted it by its license by selling gold to the general public who are not licensed to buy gold.

The Economic and Organised Crime Office (EOCO) invited the Chief Executive Officer Menzgold Ghana Company Limited, Nana Appiah Mensah for questioning.

This development follows public notice by the Bank of Ghana (BoG) indicating that it was moving against Menzgold, which is suspected to be carrying out unlawful transactions by taking deposits.

Menzgold boss retreats; apologises for mocking BoG

Meanwhile, the Chief Executive Officer of Menzgold Ghana Company Limited, Nana Appiah Mensah, has apologized to the Bank of Ghana (BoG) for mocking its warning to the company over perceived unlawful operations.

In a post on Social Media, Nana Appiah Mensah said Menzgold is currently cooperating with the BoG and other state agencies.