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.
The Second Deputy Governor of the Bank, Dr Johnson Asiamah, appearing before the Public Accounts Committee (PAC) of Parliament on Tuesday August 8, 2017 said that Ghanaians who defy this caution do so at their own risk.
He said though the Company was licensed by the Minerals Commission to buy and sell gold, it had begun accepting deposits from customers.
Dr Asiamah told the committee that the Bank of Ghana had already caused a publication in the newspapers about Menzgold to the effect that they had not licensed it to accept deposits. He stated that it is mandatory to have a license from the bank of Ghana before a financial institution can accept deposits.
Dr. Asiamah, however, declared that the central bank is working with other relevant agencies in the gold industry to find a lasting solution to the problem and is also taking measures to ensure that people become aware of licensed financial institutions in the country.
Â
 www.primenewsghana.com/Ghana News
Â