“Taxpayers’ monies will not be used to refund Menzgold Customers” – Kojo Oppong Nkrumah

Photo Credit: Graphic Online

Mr. Kojo Oppong Nkrumah, the Minister for Information, has issued a press statement from the Ministry stating that the Government of Ghana cannot and will not resort to  using taxpayers’ monies to refund the aggrieved customers of Menzgold.

In a press statement released on 10th January, 2019, the Minister stated that the security agencies, having received reports from customers that they believe they have been defrauded by false pretenses, will employ all powers of the State to find the Accused persons, investigate the allegations and ensure that the law takes its course.
According to the statement titled “Government’s Position on the Menzgold Saga”, it was stated that on no occasion has the President, Nana Addo Dankwa Akufo- Addo, endorsed the operations of Menzgold and/or it’s directors as is being bandied about by officials and members of the National Democratic Congress, (NDC).
According to the press statement, Menzgold, was not licensed by the Bank of Ghana (BoG) or the Securities and Exchanges Commission (SEC), and a warning made as far back as April, 2016, was unfortunately disregarded by customers.
The Information Minister stated that the regulators, BoG and SEC, have the legal mandate to intervene in the case of banks and specialised deposit taking institutions, as well as assets management companies licensed and regulated by BoG and SEC.
He further stated that customers whose contractual obligations have not been met by the company, are entitled to seek legal remedy to retrieve their funds paid to the Company ostensibly to buy gold.
Menzgold, since it was  asked to halt business by SEC in September 2018, has not been able to pay dividends or principals to its customers.
The Ghana Police, following reports of  ‘defrauding by false pretenses’, by some aggrieved customers, has obtained an arrest warrant and subsequently informed Interpol, to assist them in searching for, and arresting  the company’s CEO,  Nana Appiah Mensah, his wife Rose Tetteh and one other.
Source: GhanaJustice/F.Kyeremateng


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