Today's Ghana Business, Banking and Economic news

Ghana’s annual inflation rate for July declined to 11.9% from the previous month – June’s rate which was 12.1%.

Menzgold Company Limited, an investment company has denied reports by the Bank of Ghana that it takes deposits from its customers.

Corporate Manager of the company, Nana Yaw Offei, says the company does not take deposits because it is not a financial institution.

The Bank of Ghana (BoG) on Tuesday warned the general public against depositing money with Menzgold Company Limited because it has not been licensed to do banking.

The Second Deputy Governor of the Bank, Dr Johnson Asiamah, appearing before the Public Accounts Committee (PAC) of Parliament said that, Ghanaians who defy this caution do so at their own risk because the company is only licensed by the Minerals Commission to buy and sell gold, but not to accept deposits from customers.

Read also: "Don't deposit at Menzgold"- Bank of Ghana cautions

In an interview on Joy FM, Nana Yaw Offei refuted claims the firm takes deposits from customers and explained that clients rather purchase quantities of gold in an investment package which yields interest over a period time.

“For that reason, we have acquired the license that gives us the chance to buy gold and sell gold that is by the Minerals Commission of the Republic of Ghana. We are not a micro finance, neither are we a financial institution and so we do not take deposits in any way,” he added.

Mr Offei said MenzGold has asked its legal team to look into the allegations in order to bring the issue to a close.

 

 

www.primenewsghana.com/ Ghana News

The Tema Oil Refinery – TOR, has disclosed plans to launch weekend operations in order to prevent premix fuel shortage.

The Aviation Minister has urged Airlines in the country to strictly comply with best practices in the conduct of their operations.

Vodafone Chief Executive, Yolanda Cuba, has been adjudged the “Most Outstanding Telecommunications Executive” award at the just ended Feminine Achievement Awards.

The Bank of Ghana (BoG) has warned the general public against depositing money with Menzgold Company Limited, an investment company because it has not been licensed to do banking.

Small scale mining in the Ghana will remain an exclusive preserve for Ghanaians in the mining sector of the economy.

The Ghanaian government has entered into partnership with the Republic of Iran for the construction of a Cocoa factory in Ghana.

Opportunity International Savings and Loans in partnership with The MasterCard Foundation has granted scholarships to 180 needy but brilliant students across the country.

The Vodafone Foundation Ghana, a wing of Vodafone Ghana, in collaboration with the Ghana Health Service, has organized free health screening exercise for residents in the Berekum Municipality of the Brong-Ahafo Region.

Ghana’s banks have expressed the hope that the banking sector will have adequate cash or liquidity to boost the private sector.

Dr Maxwell Opoku, was yesterday officially announced as the new First Deputy Governor of the Bank of Ghana.

The Vice President Dr. Mahamudu Bawumia has said 70% of all government contracts will be awarded to local contractors.

The UK government has come out to justify to the British public its decision to spend £28.5 million (about Sh3.87 billion) to support preparations for tomorrow’s General Election amid sharp criticism from its political analysts and sections of the press.

The Ghana cedi mortgage rates have experienced a significant decline over the last six months – witnessing a record average drop of about 40%.