BoG and SEC could have saved us earlier – Menzgold customers

BoG and SEC could have saved us earlier – Menzgold customers

- Aggrieved customers of Menzgold have blamed the Bank of Ghana and the Securities and Exchange Commission for allowing the company to operate

- They said the two institutions should have stopped Menzgold from operating long time ago

- The customers said that would have saved many of its investors whose money are locked up with Menzgold

Some angry and disappointed customers of Menzgold in the Ashanti Region have blamed the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) for allowing Menzgold to operate.

According to them, the two state institutions failed to take decisive actions in halting Menzgold’s operations earlier than they have done now, as reported by

They complained that Menzgold being in business for over five years while the BoG and SEC looked on unconcerned was what deceived many that Menzgold was a legitimate business.

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They believed that if the BoG and SEC had cracked the whip earlier, thousands of Ghanaians would have been saved from investing with Menzgold.

We are disappointed in SEC and BOG. If they were proactive, it would have saved thousands of people from investing with Menzgold.”

If they had done this two years ago, am sure thousands of people wouldn’t have entered because Menzgold has been in existence for five good years and people believed in them,” Amankwa Baffour, spokesperson for Ashanti Region Menzgold customers lamented.

Meanwhile, a group calling itself Aggrieved Customers of Menzgold, has given the company a four-week ultimatum to pay 50% principal investments of all customers.

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According to the group, they do not subscribe to the prolonged period of 90 days stated in Menzgold communication as the company has not adhered to timelines in the past periods.

The group also said it is “afraid” that Menzgold would vacate their premises soon since it has re-branded its vehicles and laid off staff.

In a related development, the angry customers, according to an earlier report by, have threatened to embark on a naked demonstration to register their displeasure with Menzgold.

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