President Akufo-Addo has officialy spoken on the unfortunate loss suffered by customers of embattled gold trading firm, Menzgold.
He said the unfortunate incident which caused many customers their life savings was a “tragic phenomenon which occurred in plain sight”.
While delivering his third State of the Nations Address in Parliament Thursday, February 21, 2019, the president said it was quite unfortunate as individuals had their locked up cash with the gold trading firm as a result of wrong investments.
But President Akufo-Addo said the customers did not do due diligence as signs of Menzgold being a ponzi scheme was glaring.
While state authorities try to unravel the intricacies of the MenzGold saga, he urged Ghanaians to be cautious when doing investments.
“I admonish Ghanaians to learn the necessary lessons, even as state institutions work to bring a resolution and those who indulged in criminal activities, are brought to justice” the president stressed.
President Akufo-Addo was however happy and said with the inauguration of Financial Stability Advisory Council, such ponzi schemes will be prevented.
“The existence of a body such as the newly-inaugurated Presidential Financial Stability Advisory Council would have forestalled the emergence of the Menzgold saga, and will make it difficult, in future, for any such scheme to get off the ground” he added.
Customers of Menzgold continue to demonstrate as they continue the push to retrieve locked-up investments in the gold firm now described as a ponzi scheme.
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