Switzerland-based gold company, Swiss Gold Global, says it is not affiliated to Ghanaian gold trader, Menzgold Ghana and has not authorised it or Menzbanc to use its name. 

Swiss Gold Global in an e-mail conversation with Joy News’ Manasseh Awuni Azure Tuesday, said it has no association whatsoever with Menzgold, contrary to claims by the latter.

The revelation contradicts the information captured on the local gold trader’s website, which said it has an affiliation with the Swiss-based company.

“By our affiliation to Swissgold global in Switzerland; sharing in the objectives of turning the fortunes of groups and individuals around by ensuring absolute financial freedom for people, has inspired or drive us to attain the unprecedented height and records we’ve set in Africa,” the website of Menzgold, www.menzgold.com read on Tuesday evening while Manasseh was speaking to an official of Menzgold.

But following an email exchange, an official of the Swiss Gold Global said they were contacted by one of Menzgold's founders but there was no affiliation.

“Please note that Swiss Gold Global and its associated companies have no association with Menzbanc regarding any of their investments,” the email from the Swiss company said.

Swiss Gold Global said Menzgold has neither purchased any precious metal from any of its affiliated companies nor has it served as a safe house for its metals.

The email said Swiss Gold Global could not "recommend or negate" Menzgold's investment opportunities.” 

The development comes at a time, the Ghanaian company has made the headlines for taking deposits illegally, the Central Bank  has said.

The Central Bank cautioned the company against taking deposit of customers.

Deputy Governor of Bank of Ghana, Dr Johnson Asiamah told Parliament’s Public Accounts Committee (PAC) last week the bank has not licensed the company to accept deposits.

Related Article: We don’t take deposits - Menzgold replies BoG

But Menzgold has denied receiving deposits, saying the claim was false.

Shortly after the news went public about the false affiliation, a management member of Menzgold admitted they no longer have any association with the Swiss company.

The official told the reporter, the information about the affiliation with Swiss Gold Global was to enhance their fortunes as a fledgling company in Ghana, adding their IT team would effect the changes.

Menzgold has subsequently put on its website, www.menzgold.com, that it no longer has an affiliation with the Swiss Gold Global.

An official told the reporter, they used to have an affiliation with Swiss Gold Global.

The Ghanaian gold trader has published a disclaimer which reads: "Mengold was an affiliate of Swiss Gold Global but opted out because there was the need to build to a formidable brand that is not dependent on any other brand."