Menzgold boss defies Bank of Ghana public notice
The owner of gold buying firm Menzgold Ghana Limited, Nana Appiah Mensah has described a public notice by the Bank of Ghana which states that his company is breaching section 6 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) as a joke and a diversionary tactic.
The BoG added that after several cautions to
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The Central Bank also warned the public that it will not be liable in the event of loss of investments of deposits as anyone who transacts “any of the above-mentioned businesses with
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However, Mr Mensah in a post on Twitter accused the BoG of attempting to divert attention from the recent collapse of five banks that it duly licensed and supervised by targeting
He
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TODAY'S JOKE: Bank of Ghana, so now you dey do propaganda?😀😀😀 I beg paa "Tell Ghanaians exactly what happened with the 5 or so collapsed banks you duly LICENSED & SUPERVISED for years. Please don't attempt to use our dear Menzgold to cover up😎. I beg make we think! pic.twitter.com/o4zADtIsP9
— Nana Appiah Mensah (@mn_appiah) August 7, 2018
What the Deposit-Taking Institutions Act, 2016 (Act 930) says
Deposit-taking business
(1) Subject to this Act, a person shall not carry on a deposit-taking business in or from within the country unless that person is a body corporate formed under the laws of this country.
(2) A person that is not a body corporate formed under the laws of the country may, with the prior written approval of the Bank of Ghana, carry out a deposit-taking business in or from within the country.
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(3) A person shall not propose to be a shareholder of a deposit-taking microfinance institution unless that person is a citizen
(4) The Bank of Ghana shall issue directives to govern the operations of persons exempted under subsection (2).
(5) For the purpose of this Act, deposit-taking business means the business of a) taking money on deposit and making loans or other advances of money; and (b) financial activities prescribed by the Bank of Ghana for purposes of this definition.
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