Concentrate On Banks; Menzgold Doesn’t take deposits – Tracy Sarkcess ‘Schools’ BoG

2 mins

Sarkodie’s wife, Tracy Sarkcess has waded into the debate of whether Menzgold takes deposits or not. Earlier today, the Bank Of Ghana in a public notice, warned the public that Menzgold has not been licensed to take deposits and that anyone who trades with them, does so at their own risk.

Tracy Sarkcess shared her thoughts on the subject when Tv Presenter Nana Aba Anamoah posted the notice on her Instagram account. In a reply to Nana Aba’s post, Tracy posited that Menzgold does not take deposits and that the BoG should focus on the banks misappropriating people’s money.
“Menzgold doesn’t take deposit. They buy gold with the money you give them and work with that gold to give you a return on your investment. Which the last time I checked was around 10%. BOG should rather concentrate on the banks that are misappropriating people’s money rather than the ones actually making money for its people.”–her comment on the post read.

Tracy Sarkcess in another comment stressed that she was not a Menzgold ambassador.

“Menzgold doesn’t even touch the money you bring in. It’s only the gold you bring in. The misconception comes from the fact that the offer is just too good to be true which automatically breeds suspicion. Anyway…disclaimer: please I’m not a Menzgold ambassador”

But Menzgold in an official statement it issued after BoG’s notice, stated that it does not take deposits.

Portions of their press release read:

We hereby state emphatically that we DO NOT accept deposits from customers or carry on a deposit-taking business in Ghana. Our activities are not within the scope of the Banks and Specialized Deposit-Taking Institutions, Act, 2016, Act 930. It, therefore, CANNOT be said that we are in breach of the Act.

The activities of Menzgold Ghana Limited is restricted to allowing customers to purchase gold or deal in gold as an alternative investment. The Bank of Ghana is clearly aware that these activities are outside the scope of The Banks and Specialized Deposit-Taking Institutions, Act, 2016, Act 930.



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