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EOCO probes MenzGold CEO?

botchway August 10, 2018


By Bernice Bessey

The Economic and Organised Crime (EOCO) has commenced investigations into the operations and dealings of Menzgold Company Limited, a renowned gold buying company in the country that had been in the news for some time now.

Menzgold Company Ltd., which had been accused by the Bank of Ghana (BoG) for taking deposits, when it has not been registered to do so and its Chief Executive Officer (CEO) and owner, Nana Appiah Mensah, were reportedly invited by EOCO for questioning.

The controversy over the dealings and operations of Menzgold influenced the invitation, according to The Chronicle sources.

Though The Chronicle contacted Mr K.K. Amoah, Executive Director of EOCO over the issue, there was no response as at the time of going to press last night.

The head of the Precious Minerals and Marketing Company,  Kojo Opare Hammond, however, told Joy FM last night that though MenzGold was licensed to buy and sell gold, the license has been revoked over a year ago.

On Tuesday, August 6, 2014, the Central Bank issued a notice to caution the public about impending sanctions on the gold buying company for solicitation, receipt of money of investment and the payment of dividends or returns to its clients.

However, Nana Appiah Mensah, did not take kindly to the decision of the Central Bank and in a tweet described it as a ‘joke.’

He tweeted that: “Today’s joke: Bank of Ghana, so now you dey do propaganda? I beg paa? Tell Ghana exactly what happened with the 5 banks or so called collapsed banks you duly licensed and supervised for years.  Please don’t attempt to use our dear Menzgold to cover up. I beg, make we think.”

Meanwhile, the Apex Bank has described Menzgold operations as unlawful, by breaching section 6(1) of the Bank Specialized Deposit-Taking Institution Act 2016 (Act 930), hence needs to enforce its sanctions.

Unfortunately, despite the warnings by the Central Bank, Menzgold continued to engage in the illegality, hinting that “discussions were already underway with regulatory authorities to enforce the appropriate action on the company.

“Accordingly, anyone who transacts any of the above-mentioned businesses with Menzgold Ltd 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’s entertainment company, Zylonfon, has signed Stonebwoy, Becca, Shatta Wale, Joyce Blessing, Kumi Guitar and actors Beneficta Gafah and Toosweet Annan on its record label.


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