Business Politics

Gov’t states position on MenzGold scam

The government has shut the door on any hope customers of the embattled Menzgold Company Limited have of being cushioned or settled with taxpayers’ money.

This follows continued cries for government intervention by such customers, despite the Finance Minister earlier stating that the government would not pay customers their monies locked up in the company.

“While government sympathizes with customers on the difficulties encountered with their transaction with the company, the state cannot and will not resort to the use of taxpayer’s monies to refund customers’ monies,” a statement from the Information Minister, Kojo Oppong Nkrumah, has stated.

In the statement that touched on a variety of issues ranging from President Nana Akufo-Addo’s purported endorsement of MenzGold CEO, Nana Appiah Mensah, to the work of security agencies, the government reminded that citizens were warned of MenzGold’s shaky foundation.

“This warning was made as far back as April 2016, and, unfortunately, was disregarded by many customers of MenzGold. BoG and SEC are, therefore, not clothed with any legal mandate to refund monies of clients.

“Customers whose contractual obligations have not been met by the company are entitled to seek a legal remedy to retrieve their funds paid to the company ostensibly to buy gold,” the statement added.

In the meantime, the Minister gave the assurance that the security agencies “shall employ all the powers of the state to find the accused persons, investigate the allegations and ensure that the law takes its course in this matter.”

A warrant was issued for Nana Appiah Mensah’s arrest, who is believed to have fled the country.

Ghana’s security agencies are said to be liaising with Interpol, according to the statement.

Some customers are also readying to sue MenzGold for breach of contract.

Panic around MenzGold began in September 2018 after warnings from the SEC and the BoG.

Customers from all walks of life have been thronging MenzGold offices nationwide demanding to withdraw investments to the tune of tens of thousands of cedis.

These visits were interspersed with promises of settlements by the company that were never fulfilled.

Some 100 retired and active police officers at the Kasoa Divisional Police Command in the Central Region ended up suing MenzGold over their locked-up funds.

Agitations have culminated in protests, the most intense of which occurred in Kumasi, where 7 persons were arrested after roads had been blocked with burning tyres.

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