Accra, Ghana

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Menzgold licensed to deal in gold—company insists


Documents sighted by Citi Business News reveal that Menzgold Ghana, formerly Menzbank Ghana, a gold dealing company was licensed under the administration of the then Lands and Natural Resources Minister, Nii Osah Mills on the 22nd of August, 2016.

Per the document, the company was authorized to purchase gold locally from persons holding small scale mining license.

The document also required the company to register with the Minerals Commission within seven days after obtaining permit from the Lands Ministry.

The license is expected to expire next year but it is unclear whether the license from the Precious Minerals Marketing Company or the Minerals Commission is still valid as the company has stated that it did not renew its license with PMMC since 2016.

The Bank of Ghana has constantly served notice to the public to desist from doing business with Menzgold Ghana.

The BoG warns that activities undertaken by Menzgold is clearly outside the scope of The Banks and Specialized Deposit-Taking Institutions, Act, 2016, Act 930.

The Central Bank has therefore warned that Ghanaians who transact business with the company do so at their own peril as they are not licensed to take deposit.

Apart from the Bank of Ghana, the Precious Minerals Marketing Company (PMMC) has also said Menzgold is not licensed to buy and sell gold.

But Menzgold has since denied the allegations and insisted they do not take deposit.

By: Jessica Ayorkor Aryee/


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