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Tuesday, July 14, 2020

Menzgold Saga: I’ve paid 96 billion to customers; the rest will be paid in December – NAM 1


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Embattled CEO of Menzgold has announced today that he has started making payment to its numerous customers whose investments are held up in the company.

It comes after the company invited the customers to visit their respective outlets to validate their documents last year for their locked up funds.

The CEO of the company Nana Appiah Mensah, ahead of today’s letter, said, he has already paid about 96 billion old cedis of the debt.

He also pleaded with the customers to exercise some patience and that, he shall pay the rest of the locked up funds before the end of the month of December, 2020.

The letter reads:

“As of now, we hold documentary evidence, clearly showing that we have paid over ninety billion (96billion) Ghana cedis (GHC9.6M) even in our state dormancy and continue to humbly make payment every now and then. We’re capable, committed and shall continue to appreciate the paid up figure to conservatively minimum amount of 600 hundred billion old Ghana Cedis (GHC60M) before the end of calendar month of December, 2020 as we commence productivity now”


About GH¢200 million of depositors cash is believed to be held up at the collapsed gold dealership firm Menzgold.

Menzgold folded up last year after the Securities and Exchange Commission (SEC) ordered it to suspend its operation with the public. Several efforts by the customers targeted at the company to get their monies have failed to yield any positive results.

According to the Commission, Menzgold did not have the license to trade in gold collectibles and that doing so was in contravention of the Securities Industry Act, 2016 (Act 929).

The collapse of the gold trading firm had been blamed on the directive.

Addressing a press conference on Wednesday, the PRO of the Coalition of aggrieved Menzgold Customers, Fred Forson stated that they will do everything possible to retrieve their locked up cash from Menzgold.

“We want to hear from NAM1, we have supported him all this while and it is time we hear from him…we want to demand from the CID that we want to meet Nana Appiah Mensah in person. Wherever he is, he needs to address us as leaders of Menzgold customers.

“If it is not a deliberate attempt on the part of the government to shield and protect Nana Appiah Mensah to loot and create and share our investments, then this is the time that the government should be transparent…and let us know what is happening with our investments.”

Source: Ghana | GhanaNewsPage.com | William Kabutey Dosoo


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