My Exit from BoG Intensified the Activities of Menzgold – Former Deputy Governor

Company News From Friday, January 18, 2019

Source: Myjoyonline.com

2019-01-18

Dr Johnson Asiama, former second deputy governor of the Bank of Ghana, revealed that his exit from the Central Bank had led to an escalation of distressed gold distribution company Menzgold's activities.

"According to what we hear, it seems that 2018 has been marked by many escalations in their operations (in Menzgold)," he told Thursday to Raymond, host of Joy News.

According to him, this does not justify why he should have been kept in the office.

In his words, "I do not justify why I should have been kept in office."

But according to Dr. Asiama, processes were underway to restructure Menzgold's operations before he was forced to resign.

"I spoke with them (Menzgold), I hired their lawyer and we were working on their restructuring. So, if I had continued this effort, they would have been restructured. And in this case, they would have become a regulated institution.

He went on to say, "We would have known everything about them, or with the other regulators we would have closed them."

Menzgold was embroiled in controversy over the legitimacy of his business activities and his inability to repay depositors' funds.

This follows an order from the Securities and Exchange Commission to suspend their operations until their activities are fully legitimized and regulated.

Government agencies such as the Bank of Ghana, the Securities and Exchange Commission and the Minerals Commission have been widely criticized for failing to fulfill their supervisory responsibilities, which has led to the rapid growth of Menzgold.