Some clients of Menzgold Company Limited have started fuming at various branches of the gold-trading firm over the several days’ delay in payment of their latest dividend.
One of the clients told classfmonline.com that his money has delayed for close to a week after he and other clients were made to fill forms that would enable the payment of their dividends through the banks henceforth, instead of the over-the-counter payments they had been receiving ever since the business started.
He said Menzgold is making efforts to streamline its payment method by channeling clients’ dividends through the banks – a situation which, according to him, has led to delays in dividend payments, making some customers feel uneasy about the situation, especially following several warnings by the Bank of Ghana to the public against dealing with Menzgold.
The central bank, on 7 August 2018, issued a public notice, the fourth of many, that it was in discussions with relevant regulatory authorities to sanction Menzgold for engaging in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients” without a licence to do so.
The BoG, in an advertorial in the dailies signed by Mrs Caroline Otoo, Secretary to Governor Dr Ernest Addison, said in spite of several of cautions to Menzgold Ghana Company Limited to desist from the act, it persists in its deposit-taking activity in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
The central bank cautioned the general public that anyone who transacts “any of the above-mentioned businesses with Menzgold Ghana Company Limited 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, owner of the gold-buying firm, has denied on a number of occasions that his company takes deposits.
Classfmonline.com’s sources at Menzgold have attributed the delays to the provision of wrong bank accounts by some of the clients as well as the delay in processing of the payments by some of the banks of the clients.
Menzgold assured the public and their clients that their dividends will certainly hit their accounts soon, saying the transition from the over-the-counter payment to bank transfers, has met a few challenges which are being ironed out.
Source: classfmonline.com
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I agree perfectly with you. It is like kicking somebody in the stomach and then while the person is lying in pain you turn around to tell the whole world that "Yes, I told you that this guy had a stomach problem" If Menzgold started having problems even without a caution from the Bank of Ghana then we could have confidently say that Menzgold is not a good business but a fraud. However, we all know that they were doing very well without any problem until the BoG issued that threatening statement. The Bank of Ghana governor is doing well but as for this one, he misfired. The Bank of Ghana has not treated Menzgold fairly at all.
Now I understand why we are where we are as a country. Many Ghanaians love to rejoice over the misfortune of people. They always feel jealous and wish they were part of you when you are prospering but at the same time be praying that you fail so that they can with joy say, ahaaaa, we told you. Had it not been that IRRESPONSIBLE PUBLIC statement from BoG, Menzgold wouldn't be going through this challenge. Even the most solid business on earth will suffer the same fate if the central government uses negative publicity to damage their brand. I tell you the truth, If the USA government comes out to tell the world that they have discovered that Microsoft and Apple have installed some software on their products that steals people's data unknowingly thus people who buy their products do so at their own risk, you will see that these two tech giants will begin to run into losses due to very low sales. Thus if the BoG meant well they could have on the quiet send their inspectors to meet with the directors of Menzgold to trash out any differences they had with them without coming into the public. Remember that, the BoG had no issues with the interest/dividends that Menzgold paid to its customers but just that they didn't want them to take deposits like a bank. This could have easily been sorted out without coming out PUBLICLY at a time that you were collapsing some banks thus sending out a wrong signal of a possible collapse of Menzgold. That was a very wicked and IRRESPONSIBLE move by the BoG and I will not stop saying this. Who loses if Menzgold collapses? Just think of the unemployment situation that will be created. For all you know, the assets of Nana Appiah are enough to pay back all the deposits of those who have investment at Menzgold but after collapsing his company and paying the depositors, how do we handle those who will be unemployed as well as those who were unemployed but had some investment with Menzgold and were surviving a little on the monthly dividends. I can confidently tell you that Menzgold is not a scam but their current struggle is clearly due to that IRRESPONSIBLE statement from the BOG. The big men in the financial sector are just using the BoG to collapse Menzgold prematurely so that they can continue to enslave the poor. Those who are ***barred word*** about this turf war going on in the financial sector are here jubilating. I just pray we will begin to understand one of the profound statements of Jesus which say: "Laws were made for man but not man for Laws". When a law is likely going to impede the well being of a majority of people you do not execute it. After all the law was made to protect man. We were here when the brother of former President Mahama, that is Ibrahim Mahama, evaded tax. Based on the law he should have been arrested but looking at the problems that it might create for his business, workers and the political landscape, that law was relaxed and he was allowed to clear his taxes by instalments. God is watching us all.
Nana Appiah Is a criminal scammers ... put him in jail
No one is crying to you to help him retrieve his money, life in itself is a risk, you better take it or lie low.
Oh Agyimifo in ghana; menzgold is finished. Take your gold and money and run like antelope. BOG advised you but you closed your ears to them. Please dont come out and complain that the company has locked up your money - you are on your own. Occult people know how to steal from well menaing hard working ghanaians.
Should have taken advantage of this a long time ago. Now it seems they r getting to their end. A friend of mine built his house out of the divedends
they throw money in the streets ... who is this ***barred word*** money ... yours money..Menzgold is just a big scam ... They have already steal a lot of business abroad .. .the complaints will multiply against Appiah and his useful to steal menzgold .. Everyone knows that neither Appiah nor Menzgold have any more money ... private plane, luxury cars, jewelry, houses, London, ex ... Sorry for you my people ... where is the government ???
Big scammer Appiah...take your money And ran... Menzgold is a big Scammer movie Is a big big scandal in Ghana next weeks
Dealing with Menzgold has been the best ever decision taken... Menzgold toasoo
Bank of Ghana warned you guys several times. You would not listen. All the best lol