Today, September 12, 2022, members of the Coalition of Aggrieved Customers of Menzgold are scheduled to travel to the Jubilee House to do a demonstration exercise regarding their frozen funds.
Customers claim attempts to recover their money have been unsuccessful as today marks exactly four years since the government forced the collapse of the gold dealership company Menzgold.
Speaking to Citi News as the group’s spokesperson, Fred Forson discussed the procedures for presenting a petition to President Nana Addo Dankwa Akufo-Addo.
“We will converge at 9am at the Customs traffic light. From there, we will do a walk through the Ministries to the Black Stars Square. There, we shall have a press briefing. At 11am, we will present our petition. It is exactly four years since Menzgold was collapsed and for four years, we have done whatever we could but it appears there are no results. So this time around, we want to petition the president for a presidential intervention.”
The Securities and Exchange Commission (SEC) requested Menzgold to halt its public gold trading activities in 2018.
The SEC claims that Menzgold operated without a current license from the Commission, buying and depositing gold collectibles from members of the public and offering clients contracts with guaranteed returns.
The SEC said this was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”
Customers of Menzgold have already lamented the government’s lack of commitment to paying them their money.
They are particularly frustrated with the prosecution of Nana Appiah Mensah, the CEO of Menzgold.
Menzgold clients’ locked money won’t be paid, according to the finance minister.
Ken Ofori-Atta, the finance minister, had earlier declared that the government would not reimburse Menzgold’s consumers.
Such people, according to him, did so at their own risk when investing in Menzgold.
As a result of the exaggerated returns on investment that Menzgold promised, according to Mr. Ofori-Atta, the company’s consumers were motivated by greed.
“As we try to clean up the financial services center, I know the SEC has come down hard, strong, and justifiably on Menzgold. But the issue with a company of Menzgold…it’s become an issue of greed as a people and our own behavior when we are so clear as educated as we might be that when we went there, there was no license.”
“I think it is not in the place of government to fund or get your money back for you. It was an obvious trap that you went into. Maybe we as an industry should also push the whole issue of education and empowerment so that people do not fall prey to that,” he added.
Disclaimer: The opinions expressed in this publication do not in anyway reflect the opinions of State News Ghana