The Economic and Organised Crime Office (EOCO) has invited the owner of gold buying firm Menzgold Ghana Limited, Nana Appiah Mensah for questioning.
The Executive Director of the Economic and Organised Crime Office (EOCO), K.K. Amoah confirmed the invitation when contacted by Graphic Online but declined to comment on the reasons for the invitation when quizzed if it is related to the description by the Bank of Ghana (BoG) that the activities of Menzgold is illegal.
The Bank of Ghana (BoG) in a notice on August 6, 2018 stressed that Menzgold Ghana Limited is not licensed and has no authority to engage in the solicitation, receipt of money or investments and the payment of dividends or returns to its clients which is captured in Section 6 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
Deposit-Taking Institutions Act, 2016 (Act 930) says
(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.
The BoG in the notice also hinted of impending sanctions, saying after several cautions to Menzgold, it has started discussions with relevant regulatory authorities to sanction them for breaching the law.
However, in a response to the BoG notice, Mr. Mensah branded the central bank a joke for attempting to use his business as a cover-up for the collapse of banks in the country.