¢200m locked up at Menzgold-Finance Minister

¢200m locked up at Menzgold-Finance Minister

- in Business, Latest in Ghana, News

Finance Minister, Ken Ofori-Atta has revealed that official records show at least 200 million cedis have been locked up in defunct investment firm Menzgold.

Ken Ofori-Atta made this known during a durbar with army officers in which the President, Nana Akufo-Addo presented some 50 vehicles to the Armed Forces.

The information, which was in response to a question, reveals for the first time the extent of loss Menzgold customers have been exposed to after an undisclosed number of them bought into their business pitch of paying 7% to 10% returns on special gold collectables bought and deposited with the company.

The question from an army officer also opens the lid on the level of involvement of security officers in the business that is believed to have attracted a wide spectrum of Ghanaians including religious leaders.

Already 53 soldiers, in January 2019, have sued Menzgold Ghana Limited, for failing to pay back ¢2.5 million in investments.

The company began crumbling in September 2019 after the Securities and Exchange Commission ordered it to shut down its “gold” dealership operations.

The President, Nana Akufo-Addo, at the durbar, repeated his advice to Ghanaians to be cautious when investing in companies especially when regulators had warned against doing so as was the case of Menzgold.

This is the second day in a row the President has spoken to the Menzgold issue after a long silence. He broke this silence Thursday during his presentation of the State of the Nation Address in Parliament.

While he delivered his address, Menzgold clients had picketed at Parliament as they continued their sustained strategy of demonstrations.

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