Fidel Tetteh writes to MenGold Ghana

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Dear MenzGold Ghana,

It is my thinking that although you are not regulated by BoG and it is true you take no cash deposits but gold pounds (something the BoG is still confused about), use your power and unique positioning to help Ghanaian Banks.

You pay profits (stop using dividends) to customers directly from your offices and this I find very disturbing and ‘unintelligent’. Do not feed the war the BoG is waging against local businesses, unfortunately, but rather conduct your affairs with wisdom and regulate your activities.

If you pay profits to clients, a number that is soaring and soaring, into their respective banks, you make the banks to also benefit, though we know the banks often steal our monies and do not give us what we deserve. This can save some local banks as monies constantly flow in.

Rather, you have put clients at risk of armed robbery attacks. A client who walks into your offices and leaves with cash is not safe. And it is unprofessional to allow clients to queue at your offices for physical cash in an era where a cashless system is possible. You are creating unnecessary problem for yourself and clients. You used to pay profits after trade into bank accounts of clients and even if something went wrong in the past, employ real professionals to get it back on track. But instead, you have abandoned the cashless system altogether and this is not good for both clients and banks.

Also, I would have thought your actual regulators, Minerals Commission and Lands and Natural Resources, would speak on your issue but they are all quiet being structures of the same stalk though independent on paper. It is true that Ghanaians are beginning to hold gold in their hands, something they often see on TV being carried away abroad by foreign companies some of which are tax evaders. The true Ghanaian struggles to see a mineral resource that belongs to him and her. It seems what was common in the time of old is now scarce in this times of enlightenment. Families no longer own a piece or pieces of gold in their economic reserves. You are making this possible but do it rightly through peaceful consultations and consensus building approaches.

Mr. CEO of Menzgold, please your social media comments are troubling. You have employed PR professionals, allow them to handle your public affairs. That is what you pay them to do. Remember, you are not President Trump. Allow your PR machinery to work and stop the social media banters.

Back to you Menzgold, I took a detour to address your boss. You only accept gold deposits Menzgold, yet BoG kept insisting they are cash deposits and I am unable to marry the two. However, feeding this war, unfairly engineered by people who want to take the wealth of ordinary Ghanaians away from them, is not wise. I know BoG will not win this war but they can make you lose the war by the fear and panic tactics they are employing against your clients.

Clients of Menzgold, stand fast, your fear and panic is actually what will deliver your wealth to vampires who seek to suck the economic vitality out of your lives. There is nothing quick-money making about your investments. You work hard to raise money to buy gold. You pay commission for this gold to be traded for you by Menzgold otherwise you had a choice to sell it yourself. This is fair and it is not quick-money greed. I know most of you held your gold in your hands and you took a decision to take this gold to Menzgold for trading. By this act, you benefit no matter how little. Stand fast and do not let others take your wealth. BoG is saying that those of you who transact business with Menzgold do so at your own risk and BoG will not be liable for loss in investments. Think about it in a minute! If BoG succeeds, and they won’t but do not make them to, all your investments will be taken. But taken by who? Think about it!

Menzgold, take this advice, give the BoG what it wants; pay profits belonging to clients into their respective bank accounts and retreat from this unnecessary path of struggle you have chosen.

As for the BoG i do not what to say to it and its strange leadership. How can you insist that a company which takes gold deposits is taking cash deposits, an issue in the past that made the name change from Menzbanc to Menzgold with a “We do not accept cash deposits,” banners hanging infront of all its offices?

Thank you.

Fidel Tetteh

Ghana News Online

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