Menzgold not licensed – PMMC reveals

Source: Abedu-Kennedy/ Email: Twitter: @KendraAbedu   

Precious Minerals Marketing Company (PMMC) says Menzgold Company Limited is not licensed to either buy or sell gold.

The Managing Director of the Company, Kwadwo Opare Hammond, revealed this on Adom FM’s Morning Show “Dwaso Nsem” Thursday.

According to him, Menzgold was granted a license in 2014 but quickly added that it has been revoked for a very long time.

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“Menzgold is not licensed to sell or buy gold. Their license has been revoked a long time ago even though we granted them license in 2014. We even published them in Newspapers to warn all Ghanaians that they have not been licensed” he noted.

Dr. Opare Hammond’s comes following an invitation extended to Menzgold boss, Nana Appiah Mensah by Economic and Organised Crime Office (EOCO) on Friday, August 17.

There have been speculations in the media that the EOCO invitation could be in connection with an apparent tiff between the gold dealing company and the Bank of Ghana, which has largely played out on the media front.

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While the Central Bank has repeatedly served notice that Menzgold is not licensed to take deposits as provisioned by the Banks and Specialised Deposit-Taking Institutions Act 2016, Act 930, management of Menzgold have maintained that the company does not take deposits but has always operated within its remits as a gold dealer.

But Dr. Opare Hammond said PMMC will take action if the Minerals Commission confirms that the company is violating the law.

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“The Minerals Commission would usually give you the license and there is a small clause that says ‘you buy gold for export’ and I don’t know if that is what they[Menzgold] are relying on to do this.

“If that is what they are relying on, then they are doing the wrong thing. One is supposed to buy and package the raw gold before exporting it,” he said.