We won’t pay Menzgold customers’ locked up cash – Finance Minister

We won’t pay Menzgold customers’ locked up cash – Finance Minister

Minister for Finance Ken Ofori-Atta says customers whose investments are locked up with Menzgold Ghana Limited should not expect to be paid by the government.

According to him, although the situation is very disturbing, there is very little the government can do for the aggrieved customers.

He disclosed that several prominent persons have invested with the gold dealership firm, including people at the Finance Ministry, employees of the Bank of Ghana, as well as some military officers.

We won’t pay Menzgold customers’ locked up cash – Finance Minister

Finance Minister, Ken Ofori Atta. Source: Supplied
Source: UGC

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“…As I look at the Ministry of Finance and I see some people who are at the Ministry of Finance who have invested there, I look at the Bank of Ghana and I see some people who have invested there, and of course the military etc [who have invested there],” Mr. Ofori-Atta said during a ceremony to celebrate the 20th anniversary of the Securities and Exchange Commission (SEC).

He said greed is the only reason why people would decide to invest with Menzgold despite knowing that the returns are unrealistic.

According to him, it is therefore not in the place of government to retrieve the locked up investments of the customers.

“As we try to clean up the financial services center, I know the SEC has come down hard, strong and justifiably on Menzgold. But the issue with a company of Menzgold…it’s become an issue of greed as a people and our own behaviour, when we are so clear as educated as we might be that when we went there, there was no license.”
“I think it is not in the place of government to fund or get your money back for you. It was an obvious trap that you went into. Maybe we as an industry should also push the whole issue of education and empowerment so that people do not fall prey to that,” he added.

Menzgold has been in the news in recent months following disagreements with the Bank of Ghana (BoG) regarding its operations.

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The latest development is the order from the Securities and Exchange Commission (SEC) to have the company shut down its gold trading activities.

Consequently, the company has halted its collectibles and all other new businesses related to its gold vault market, albeit temporarily.

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