MenzGold, a Ghana-based gold dealing company has been there for some years now. The organization however, started making media headlines few days ago, following the Bank of Ghana’s issuance of a notice/warning to the general public to be wary with their dealings with the institution, as they are not licensed by the Central Bank.
This development succeeded in stirring up massive curiosities among Ghanaians, with many yet-to-be-answered questions arising. It is therefore on this note that BuzzGhana brings you the top 10 most important things you need to know about MenzGold Ghana Limited. Read on…
1. MenzGold – Who They Are and What They Do
As earlier mentioned, MenzGold is a gold dealing company based in Ghana. The company which is duly registered by Ghana’s 1963 Company Act (ACT 179), has its headquarters located at No. 22 Dzorwulu street, adjacent First Trust Bank, and other branches at Kasoa, Kumasi, Tema and Kanashie, etc.
It is an investment institution that buys, sells, exports and stores gold, silver, diamond and other precious stone and metals through a Bullion Banking system. Possessing a state of the art and very secured bullion vault, the company boasts banking close to five tones of gold, silver, and other precious stones. Their services specifically include the following:
- Gold bullion Investments
- The sale and purchase of precious stones and metals Smelting and Assaying
- Bullion depository vault services
- Jewellery sales
- Mining Pre-financing
2. MenzGold/MenzBanc – Any Difference?
The brand names, Menzbanc and MenzGold may appear to be confusing, but the two are actually referring to the same gold investment company. It is observed that Menzbanc is the umbrella name for the institution, while MenzGold specifically directs attention to the main business of the institution – Gold.
3. MenzGold Is An Affiliate of A Switzerland Gold Bank
According to Menzgold Ghana Limited, the institution is an affiliate of Swiss Gold Global in Zurich, Switzerland.
See Disclaimer: Swiss Gold Denies MenzGold
4. It Is Ghana’s 1st Bullion Bank
MenzGold prides itself as Ghana’s first bullion bank! According to an explanation given out by the company on its official Facebook page, being a bullion bank means that one can convert his or her paper currency into gold without having to worry about how many pounds of gold the local currency can purchase. It also means having a share of the country’s gold once you invest with the bank.
5. MenzGold NOT a Financial Institution
MenzGold as the name implies, is a gold investment company, and so do not accept cash deposits. In clarifying BoG’s recent concerns on the institution accepting deposits, menzGold made it clear that they are licensed by the Minerals Commission of the Republic of Ghana to deal solely on Gold.
In an interview with Accra-based Joy FM, the Corporate Manager of the company Nana Yaw Offei said the company does not take deposits because it is not a financial institution.
“Menzgold Ghana Limited is a gold dealing firm, we buy gold and sell gold. All our operations or whatever we do in our outlet is directly linked to the sale and purchase of gold.”
Reiterating their stance in a Facebook post, the company stressed that they deal only on the purchase and sales of gold. Posting an image to nail the point, they wrote:
We only accept Gold. We are not a financial institution #buypuregold#buymenzgold #tradewithtrustedbrand
6. Investment Plans
Available at MenzGold are the weekly and monthly gold purchase plan. Depending on the chosen plan, one is expected to purchase at least 5grams of gold within the interval, to be securely stored in a vault. The process if continued uninterrupted for a year or more, one is sure to have huge quantity of gold accumulated over the period, and the value not affected by depreciation unlike it does with paper money.
The option to make single purchase as and when convenient, to add to one’s store of gold grams, kilograms or ounces at any time, is also available..
7. Fixed and Steady Monthly Returns
Menzgold offers a maximum of 10% monthly return on investment (ROI), thus providing individuals with a sure alternative source of income in the face of the current economic hardships.
It is perceived that the company generates its investment income by leveraging gold price increases over the long-term. This time-based spread is then shared with the “gold depositor” in the form of a fixed monthly dividend.
8. Gold Conversion
MenzGold offers services to everyone who wishes to buy, trade and store gold to be liquidated over time for extra value, or to be processed into finished products like jewelleries.
At any time of your convenience, you can place an order for your raw/pure gold in the vault to be converted into fine collectibles, which include any kind of jewelries, among other things, to be safely delivered to you regardless of your destination in the globe comparably at a very affordable fee.
9. Cash Withdrawals
In association with Ecobank, MenzGold affords her customers the opportunity to make cash withdrawals from anywhere in the world using a cheque book and a visa debit card. This is however, only possible when you opt for all or a proportion of the extra value on your gold to be liquidated for cash, and credited into your Ecobank account.
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An investor is entitled to the cheque and Visa Card when he or she subscribe to the Gold Vault Market program by consenting to its governing terms and conditions.
10. Enrollment and Rewards
Per MenzGold’s terms and conditions, every member will subscribe once with a non-refundable amount of GHS 1,500 only. An account do not at any point assume dormancy or expiration once a subscriber has successfully enrolled onto the program.
Moreover, a subscriber gets rewarded with 7.75 grams of 999.5 pure 24 carat gold within 24 hours, anytime he/she has successfully enrolled an individual. The company also grants subscribers, an instant buy-back option after the acknowledgement of receipt of the gold reward.
Caution: Even when the credibility of an investment institution such as this is unquestionable, you are always advised to invest with your spare money!!!
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