- The Securities and Exchanges Commission (SEC) shut down the Menzgold gold dealership firm in 2018 over a series of breaches
- Over $6 million in principal funds customers got locked up
- The aggrieved customers pledged their votes to the former president in the December 7 polls
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John Dramani Mahama on Thursday, promised to pay the locked principals of Menzgold customers if he’s elected president of Ghana in the December 7 elections.
The Securities and Exchanges Commission (SEC) shut down the gold dealership firm in 2018.
The firm was trading in gold collectibles with guaranteed returns to clients which constitutes, in essence, dealing in securities with neither the necessary license nor disclosures authorised by the Commission.
Described by many financial analysts as the greatest scam in Ghana’s financial history, over $6 million of principal funds got locked up following the closure.
Mahama, who’s the presidential candidate of the National Democratic Congress (NDC), promised to ease the sufferings of the customers of the defunct firm.
Speaking on Accra-based Power FM on Thursday, December 3, 2020, the former president said if someone invested, for instance, GHS1000 before the collapse of the firm, his administration would refund it.
“…If we cannot pay the interest, at least the GHS1000, the government should be able to sort that one out. Because they are Ghanaians, it is the duty of the state to protect them,” he said.
Aggrieved customers of the firm pledged to vote for the former president.
Earlier this year, the embattled gold dealership firm began repaying the locked of funds of its customers only to halt the exercise with days.
The suspension of the payment was because the CEO of the defunct company was traumatised following the picketing at his private residence by some of the aggrieved clients on Wednesday, January 8, 2020.
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In a separate development, YEN.com.gh reported that Mahama saying he was satisfied with his campaign, days to the general elections.
He said despite the strenuous nature of the campaign due to the COVID-19 scourge, the feedback from electorates was refreshing.
“It’s on the home stretch now. We have run a good campaign and I’m quite satisfied. We have covered a lot basis,” Mahama told Joy News’ Emefa Apawu.
Series of polls published ahead of the elections had ruled out any chances for the former president and his party to win the elections.
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