MenzGold: Scam, Ponzi or Legit? How to get your investments back

This article is not investment advice.

MenzGold, a Ghana-based gold dealing company has been around for some years now. The organization, however, started making media headlines a few days ago following the Bank of Ghana’s issuance of a notice/warning to the general public, asking the people to be wary in 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. brings you everything you need to know about MenzGold Ghana Limited.

What does MenzGold 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, 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 tonnes 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

Difference between MenzGold and MenzBanc

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.

Is MenzGold a Financial Institution?

MenzGold, as the name implies, is a gold investment company and do not accept cash deposits. In clarifying Bank of Ghana’s recent concerns about the institution accepting deposits, MenzGold made it clear that their operations were licensed by the Minerals Commission of the Republic of Ghana.

In an interview with Accra-based Joy FM, the Corporate Manager of the company, Nana Yaw Offei stated that the company does not take deposits because it is not a financial institution. Nana said:

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 with 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

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How to join, enrol or invest in MenzGold

Per MenzGold’s terms and conditions, every member will subscribe once with a non-refundable amount of GHS 1,500 only. An account does not at any point assume dormancy or expiration once a subscriber has successfully enrolled in 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.

MenzGold Branches

Here are the MenzGold branches in Ghana:

Branch Location Contact Numbers
East Legon No.22 Lagos Avenue, OPPOSITE Ecobank, Adjacent GCB -East Legon +233 (0)30 3966 589
Dzorwulu N1 Road, Opposite NoGahil Hotel, Abease Junction +233 (0)20 111 3286
Kasoa High Tension, Bawjiase Road. +233 (0)30 3936 306
Tarkwa Nzema lane, Nana Fobri street, Opposite DSTV Office +233 (0)50 158 2765
Tema Community 1 (ONE), Meridian behind Tigo Office  +233 (0)303 976 918
 Kaneshie Pamprom Road, Adjacent ADB Bank  +233 (0)30 3976 871
Kumasi Amakom traffic Light, Opposite Bank of Africa No. 132 Osei Tutu 11 BLVD  +233 (0)322 397776

Is MenzGold a Ponzi Scheme, 419 or fraud?

Many Ponzi schemes share common characteristics and these are some of the warning signs:
High returns with little or no risk. Every investment carries some degree of risk, and investments yielding higher returns typically involve more risk. Be highly suspicious of any “guaranteed” investment opportunity.

Overly consistent returns. Investments tend to go up and down over time. Be sceptical about an investment that regularly generates positive returns regardless of overall market conditions.

Unregistered investments.

Ponzi schemes typically involve investments that are not registered with the SEC or with state regulators. Registration is important because it provides investors with access to information about the company’s management, products, services, and finances.

Unlicensed sellers.

Federal and state securities laws require investment professionals and firms to be licensed or registered. Most Ponzi schemes involve unlicensed individuals or unregistered firms.

Secretive, complex strategies.

Avoid investments if you don’t understand them or can’t get complete information about them.

Issues with paperwork.

Account statement errors may be a sign that funds are not being invested as promised.

Difficulty receiving payments.

Be suspicious if you don’t receive a payment or have difficulty cashing out. Ponzi scheme promoters sometimes try to prevent participants from cashing out by offering even higher returns for staying put.

Meanwhile, with the lot been said about Menzgold and its CEO Nana Appiah Mensah since the Securities and Exchange Commission authorized the gold investment company to shut down in a letter dated 7th Sept. 2018.

The chapter 2 of the contract signed between Menzgold and the investors specifies the commodity being sold to investors as Gold – Aurum Utallum (AU Metal).

MenzGold Investment Plans and Packages

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 a huge quantity of gold accumulated over the period, and the value not affected by depreciation like with paper money.

Meanwhile, there is an option to make purchases and add to one’s store of gold grams, kilograms or ounces at any time.

MenzGold Monthly Returns and Gold Conversion

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.

MenzGold offers services to everyone who wishes to buy, trade and store gold which are liquidated over time for extra value or processed into finished products like pieces of jewelry.

At any time of your convenience, you can place an order for your raw/pure gold in the vault to be converted into fine collectables, which include any kind of jewellery, among other things. The end product will be safely delivered to you regardless of your destination across the globe at a very affordable fee.

How to withdraw your money or Investment from MenzGold

In association with Ecobank, MenzGold affords her customers the opportunity to make cash withdrawals from anywhere in the world using a chequebook 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.

An investor is entitled to the cheque and Visa Card when he or she subscribes to the Gold Vault Market program by consenting to its governing terms and conditions.

Why you should invest in Gold in Ghana (Maybe MenzGold)

Reasons to invest in Menzgold Ghana Below are some reasons why you should invest in gold reserves with Menzgold. Gold always holds its value, even during hard economic times. Regardless of whether you make a short or long term investment, you’re assured of value for your money.

Even though The Central Bank argues that it is not licensed to act as a bank, there is no action being taken against them until recently.

1. Holds against inflation Inflation often lowers the value of investments but not that of gold, giving it a leverage during economic turmoil.

2. Scarcity Gold is rare because it’s a naturally occurring element that has to be mined, unlike money which is artificially manufactured. Rare substances have great value as market forces show.

3. Strengthens as Dollar weakens The dollar has always been the world’s foremost trade currency but has failed to be the strongest performing currency. Gold prices rise whenever the performance of the dollar falls because investors convert their currency into other forms whenever this happens.

4. Is a safe back-up to other investments An investor wouldn’t put their money into stocks and bonds and disregard the assurance of gold. Influences that make other forms of investment fail to make the value of gold rise.

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