The Bank of Ghana (BoG) has issued a public notice that it is in discussions with relevant regulatory authorities to sanction Menzgold Company Limited for engaging in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients” without a licence to do so.

The BoG, in a public notice signed by Mrs Caroline Otoo, Secretary to Governor Dr Ernest Addison, said in spite of several of cautions to Menzgold Ghana Company Limited to desist from the act, it persists in its deposit-taking activity in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

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The Central Bank has cautioned the general public that anyone who transacts “any of the above-mentioned businesses with Menzgold Ghana Company Limited does so at his or her own risk,” and the Bank of Ghana will not be liable in the event of loss of investments of deposits.

Nana Appiah Mensah, owner of the gold-buying firm, has denied on a number of occasions that his company takes deposits.

Below is the notice from BOG

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  1. I suggest BoG goes after Accent Financial Services in Accra(which is licensed and approved by BoG) instead.
    I placed an investment with them in December 2016. I made an official request to disinvest my funds in July 2017 and all efforts to get access to my funds proved futile. I even wrote to the Banking and Supervision Department at BoG and nothing was done in my favor.
    The maturity for my investment was in December 2017 and yet no funds have been made available to me. I visit their office and the Ag. MD is extremely rude and ruthless towards me.
    Why didn’t BoG serve the public with a notice on Accent Financial Services , so we desist from transacting business with them? My question to BoG is – what are they doing to help me and others who have their hard earned funds locked up at Accent Financial Services in Accra?

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