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Menzgold likely to be sanctioned

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The Lands and Natural Resources Minister, John Peter Amewu, has hinted that, he is ready to abide by the Bank of Ghana’s decision in sanctioning Menzgold, a Ghanaian owned gold buying firm.

He said granted it’s established that Menzgold is indeed operating as a bank without the required approval, he would lend whatever support his Ministry is expected to give.

Mr Amewu ’s comment follows Governor of Bank of Ghana (BoG), Dr Ernest Addison’s recent disclosure that the company is taking deposits without approval.

The Governor suggested he would need to collaborate with the Lands Minister to bring Menzgold to book.

This is because Menzgold secured its license to trade in gold from the Ministry of Lands and Natural resources through the Minerals Commission.

MrAmewu in an interview with Accra based radio said, he would support any regulatory action that would ensure that operators comply with the laws of the land.

“I’ll engage the Governor and see if they need any support from us…if for some reason BoG believes and have evidence to prove that they are taking deposits there should be some mechanisms of stopping them from doing that,” he said.

Menzgold has, however, maintained that it is not taking deposits from the public stressing it is just a gold dealing firm.

The owner, Nana Appiah Mensah, has challenged the regulator to take the necessary action against them if the company is found culpable.

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