The Coalition of Aggrieved Customers of Menzgold Ghana, has called on President Akufo-Addo to as a matter of national concern, address the issue of the locked-up investment of Menzgold customers in the 2023 State of the Nation’s Address (SONA).
The President is expected to present the SONA before Parliament on March 8, 2023.
The Coalition in a statement noted that a decisive pronouncement from the President on the issue in respect of how the government will pay the locked-up investment in Menzgold will guide customers in their quest to retrieve their investments.
On September 12, 2022, the leadership of the Coalition presented a petition to the president to intervene in the plight of the customers and, therefore, they said they expect the government to intervene and bring finality to the issue to save lives since close to 200 customers have died already.
The operations of Menzgold were shut down in September 2018 by the Securities and Exchange Commission.
The company’s operating license which had initially been granted in 2014 by the Minerals Commission of Ghana was primarily for gold trading and export.
However, as reports of a gold-investment scheme with high returns started to circulate, the Bank of Ghana began to publish warnings that cautioned citizens to be wary of dealing with the firm and warned the firm against taking cash deposits.
Some customers were adamant while the company also called the bluff of the regulatory authorities.
Customers’ deposits at Menzgold have been locked out since the shutdown and can’t access their investments, leading to numerous demonstrations at its various branches to no avail.