Business, Ghana

Menzgold and Bank of Ghana playing ‘chaskele’ with the minds of Ghanaians

It’s been almost 2 good years and the Bank of Ghana (BoG) keeps issuing press releases warning Menzgold to desist from doing taking deposits and cautioning the public not to make deposits with the gold dealing firm.

The latest press release which was made on 6th August, 2018 comes as no surprise to many Ghanaians, having seen previous statements by the BoG in previous years.

When the bank of Ghana first issued a statement to warn Menzgold to stop doing business about 18 months ago,the CEO of the gold dealership Nana Appiah Mensah called their bluff and insisted that he was not doing anything illegal nor criminal as communicated by the BoG.

This has dragged for two years now and has developed a certain funny but curious pattern that needs to be interrogated.

The Bank of Ghana is known to be one of those institutions that is quick to act when they suspect foul play in relation to any financial sector.

This is evidenced in the manner in which the BoG seized control of national banks like Unibank, UT Bank, Capital Bank, Beige Bank, Royal Bank and Construction Bank when it was revealed that these banks were involved in some irregularities and highly indebted.

But why is the BoG not doing same to Menzgold by taking a drastic action against the firm, rather than continuing to caution Menzgold and spend money on press releases for more than a year now?

Could it be that anytime the Bank of Ghana raises the issue concerning the irregularities at Menzgold, they get bribed and go silent, only to resurface months later with the same old story of caution?

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Another issue that baffles the mind is the fact that the BoG has made it a habit to caution the public against working with Menzgold through press releases in newspapers, knowing very well that people hardly read newspapers these days and as such these cautions are very unlikely to reach the masses not to talk of those who cannot read.

Is this a calculated attempt by the BoG to ensure Menzgold stays in operation while at the same time appearing to be doing its work?

Why is Menzgold not taking Bank of Ghana on since the ‘lies’ could affect their operations?

Is BoG only preparing itself to tell Ghanaians in future that “we warned you”?

If BoG refuses to act, and Menzgold also doesn’t take BoG on for driving their customers away, then we can conclude in future that the two are playing a hide and seek game with Ghanaians with the two players sitting round a table and laughing behind the scenes.



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