The Minister of Finance, Ken Ofori-Atta, has confirmed reports that some enlightened and prominent Ghanaians invested their monies with Menzgold, despite the company’s unrealistic rates.
He disclosed that some staff of his ministry and some from the Bank of Ghana, as well as military personnel, invested huge sums of monies in the gold trading company.
Speaking at the 20th anniversary celebration of the Securities and Exchange Commission, Wednesday, November 21 2018, Ofori Atta said the customers of Menzgold were driven by greed because of the returns on investment promised by the company
The finance minister described the returns as unrealistic.
He also added that the gold dealership company did not have the license to operate the kind of business they were into.
According to him, some staff of his Ministry and the Bank of Ghana as well as other educated persons who invested in Menzgold ought to have known better.
The finance minister added that government will not recoup the locked up funds of the gold dealership's clients since they invested the monies at their own peril.
Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).
The company has since been unable to pay its clients their dividends due to an ongoing battle with SEC and the BoG over its operations.
While the state institutions say the company has not been licensed to take deposits, Menzgold insists it does not take deposits and does not answer to the two institutions.
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