The Bank of Ghana (BoG) has initiated quarterly meetings with all financial sector regulators to monitor businesses as well as individuals with concerns regarding regulation.
According to the central bank, in order to protect the industry, Menzgold’s and other illicit financial organizations’ operations must be closely monitored.
Dr. Ernest Addison, governor of the BoG, stated in a press conference that Menzgold’s actions led to a significant financial sector reform.
“The Financial Stability Council has been set up, . The National Insurance Commission, BoG, SCCE, and Financial Stability Council are all brought together by the council.
“We have a quarterly meeting where we discuss market developments, and we think it should assist address the issue of regulatory gaps. Since everyone in the regulatory community now has a venue where they can discuss these developments as they happen, he said.
Nana Appiah Mensah, the founder of the defunct Menzgold firm, has denied operating an unauthorized gold deposit-taking scheme while he is on trial for allegedly scamming over 16,000 people of GH1.6 billion.
On Tuesday, September 19, his lawyer, Kwame Akuffo, argued before the High Court that Appiah Mensah, also known as NAM 1, did not violate the Banking and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), as the prosecution claimed.
Instead, Akuffo asserted that Bank of Ghana (BoG) representatives urged Mensah to rename his business from Menzbank to Menzbanc and to establish a third company, Brew Marketing Consult, in order to keep the gold marketing business separate from the operations of Menzgold.
