Over the past week, there have been concerns for both menzgold gold traders and potential traders, as Bank of Ghana raised red flags against Menzgold.
According to Bank Of Ghana, Menzgold is not licensed to do banking business.
A Deputy Governor of the Bank Dr Johnson Asiamah appearing before the Public Accounts Committee (PAC) of Parliament on Tuesday, August 8, 2017 noted that Ghanaians who defy this caution do so at their own risk.
Dr Asiamah told the committee: “Only last week we caused a publication in the newspapers about Menzgold to the effect that we have not licensed them to accept deposits, because, to accept deposits, you will need a license from the Bank of Ghana. We have not licensed them and hence if you go ahead to do any business with them, it is at your own risk.”
He added that: “So we took the first step by notifying the public. If they ask you to give them deposit don’t do it.”
Corporate Manager of Menzgold, Nana Yaw Offei responded:
“Menzgold Ghana Limited is a gold dealing firm, we buy gold and sell gold. All our operations or whatever we do in our outlet is directly linked to the sale and purchase of gold.
“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 anyway.”
He added: “We have referred the matter to our legal team headed by Kwame Akufo to look at the issue, we are a law abiding firm and so we are asking them to assist us to bring the issue to a close.”
Is Bank Of Ghana Right?
Well, to start with, Menzgold is not a bank in the first place.
It is aplatform for gold trade.
Gold Investors don’t deposit money, they purchase gold from Menzgold and the gold is traded on their behalf.
Banking has never been part of Menzgold’s core operations.
Menzgold has been solid and has been paying for 2 to 3 years now.
Below is my review of Menzgold:
Before we talk about whether or not Menzgold is a scam, I would like to mention that over the years, Investment programs have been on the rise in the business industry.
Many marketers struggle to make it via multi level marketing and affiliate marketing so many have resorted to investment programs as the easier way out.
The top recruiters in the marketing game, also use this medium to make even more money, since it is way easier to promote programs that don’t require referring to earn.
Now to the subject matter, is Menzgold a scam?
Let’s first scrutinize Menzgold: who they are, how long they have been in the system, compensation plan, testimonials etc.
CEO : Nana Appiah Mensah
What Is Menzgold?
“Menzgold Ghana Limited is a limited liability company duly registered and incorporated in Ghana by the company’s Act of 1963 (ACT 179). The company undertakes dealership in Gold, Diamonds and other precious stones and metals. The organization operates a BULLION BANKING system as per the below outlined services and products lines;
- Gold bullion Investments
- The sale and purchase of precious stones and metals
- Smelting and Assaying
- Bullion depository vault services
- Jewellery sales
- Mining Prefinancing
The firm prides itself as having the best state of the art and a very secured bullion vault, having banked close to five (5) tones of gold and silver bullion as well as other precious stones like diamonds and so on. The continues thumbs up by a number of corporate groups distinguishing and establishing Menzgold as the biggest, most reliable and distinguished indigenous Gold exporter with proven records and statistics, add another enviable coloured feather to our cap. Recognizing the need to improve to attain a height as the best in the world however, we have resolved to increase our export capacity and develop systems and structures to position Menzgold as a world-class exporter of gold bullion and nuggets.
Our bullion investment ( gold trading) platform that offers ten percent (10%) monthly return on investment (ROI) has produced an unblemished 100% records since its inception last year; being exceedingly successful, offering individuals a sure alternative source of income amidst this current global economic ills. Customers leave our premises always satisfied and very delighted with the excellent customer services offered and the ten percent (10%) dividend they receive.
By our affiliation to Swiss Gold Global in Switzerland; sharing in the objective of turning the fortunes of groups and individual around, by ensuring Absolute Financial Freedom for people, has inspired and or driven us to attain the unprecedented height and records we’ve set in Africa.