Learn From The Menzgold Saga – Prez. Akufo-Addo To Ghanaians


President Akofu-Addo has admonished Ghanaians to learn from the incidence which has led to a number of individuals, having their monies locked up in gold dealership firm, MenzGold.

Delivering his third State of the Nation Address before Parliament in Accra on Thursday, the president cautioned all Ghanaians to draw lessons from the saga, which has seen a number of aggrieved customers demonstrate across the country to register their frustration over locked up monies.

He said, “as the authorities try to unravel the intricacies of the MenzGold Ghana Limited saga, I admonish Ghanaians to learn the necessary lessons and even as State institutions work to bring a resolution and those who indulged in criminal activities, are brought to justice.”

Since the Security and Exchanges Commission (SEC) ordered for the  closure of gold collectibles by MenzGold in September, 2018, a number of customers have had their investment gone bad with the firm, while the company has not been able to pay them.

The statement which was released on September 7, last year explained that interactions with representatives of Menzgold confirmed to SEC the view that the aspect of MenzGold’s business which involves purchase and deposit of gold collectibles and guaranteed returns is a capital market activity under Act 929 without a valid license issued by the Commission which contravenes the law.

On Tuesday, February 19, scores of affected customers of the embattled gold dealership firm, MenzGold took to the streets of Tarkwa, in the western Region to put more pressure on government for their locked up money.

The demonstrators who were dressed in red and black attire, holding placards with inscriptions such as “seize management assets”, “a forensic committee should audit MenzGold managers assets”, “no money, no vote”, “we want our money”, did so after government’s failure to meet a three – day ultimatum they gave it to retrieve the money for them.

Currently, the Chief Executive Officer (CEO) of MenzGold is standing trial at the United Arab Emirates (UAE) for a misdemeanour charge over a $23 million deal, gone bad.

To adjourn proceedings, member of parliament for Suame Constituency who double as majority leader, Osei Kyei Mensah Bonsu, indicated, scrutiny of the content of the State of the Nation Address will begin Thursday, February 28, 2019.

While seconding the motion, Member of Parliament for Tamale South and Minority leader, Huruna Iddrisu, stated that, the respect that has been accorded to the president while delivering his speech should “mark the rule of thumb”, that the same respect will be accorded to successors.


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