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.
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