MenzGold to close gold vault market in Ghana

Investment Company, Menzgold, has announced the closure of its Gold Vault Market in Ghana, beginning September 15, 2017.

“The Gold vault market shall be closed from Friday, 15^th September, 2017 until further notice,” the company stated.
The announcement signed by management of Menzgold and published in the Daily Graphic Newspaper on Wednesday, said the company will continue with its contractual roles as a gold trading firm as expected of them.
“However, Menzgold is committed and shall continue to discharge its existing contractual obligations under all gold trading contracts owed its cherished clients.”


Menzbank’s Gold Vault Market
According to Menzgold, the Gold Vault Market program; involves a special gold market, where fine gold buy and sell leads are constantly exhibited.
“This program makes it possible for traders to earn extra value or make profit on their gold in vault, with regards to the sales transactions on the market daily, weekly, monthly or annually as the program involves continuous sales, a cycle of sales and re-stock until one decides to quit or terminate the cycle,” Menzgold captured on its website.

Menzgold not licensed to do banking
The notice comes on the back of the Bank of Ghana’s (BoG) disclaimer against Menzbank’s banking operations. The Second Deputy Governor of the Bank of Ghana, Dr. Johnson Asiamah, said the company was licensed by the Minerals Commission to buy and sell gold, but had veered off into accepting deposits from unsuspecting customers.
Many feared could have eventually become another financial sector scam following the experiences of DKM and God is Love Fun Club among others.
Dr. Asiamah further cautioned that any one transacting banking businesses with MenzGold will only do that at their own peril.