Menzgold Customers Petition Akufo-Addo Over 4-Year Locked-Up Cash

Menzgold Customers Petition Akufo-Addo Over 4-Year Locked-Up Cash

  • The customers of the defunct gold dealership scheme, Menzgold, say they will petition the Presidency to intervene
  • According to them, it has been four years of hardships and pain after their investments were locked up
  • The group also added that some 179 of its members had lost their lives as a result of their dire financial situation

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Customers of the defunct gold dealership scheme, Menzgold, say they feel the brunt of their locked-up investments.

According to them, since the company was closed down, it’s been pain and agony as several avenues they’ve utilised to retrieve their investments have proven futile.

Menzgold customers to petition Akufo-Addo over locked-up cash
Some demonstrators demand their locked-up investments Image Credit: @Menzgold-HUB
Source: Facebook

The operations of the gold trading firm were shut down in September 2018 by the Ghana Securities and Exchange Commission for contravening the Securities Industry Act, 2016 (Act 929) and also unauthorised to trade in gold collectables from the public.

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Four years after that move, aggrieved customers say they cannot access their cash.

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They add that they’re left with no option but to petition President Akufo-Addo to intervene in the matter since it has been four years of hardship and pain.

“It is exactly four years since Menzgold collapsed and customers have used many avenues to retrieve their investments, but it appears there are no results. So this time around, we want to petition the president for a presidential intervention,” a spokesperson of the group, Fred Forson, said.

They also add that 179 of their colleagues who invested in the gold dealership company have died.

Despite several payment schedules by the management of Menzgold, customers still complain about not being able to retrieve their cash, running into millions of cedis.

Menzgold: "There Is No Hope" – Customers In Pain After "Deliberate" Adjournments For 3 Years

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Earlier, reported that customers of the now-defunct Menzgold have said there is no hope of them ever retrieving their money after three years of what they believe to be "deliberate adjournments" of the case in court.

After yet another adjournment on Wednesday, April 6, 2022, customers who have been keenly following the case told Accra-based Citi News that the long-drawn-out criminal case appears manipulated.

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Ekow Annan avatar

Ekow Annan Francis Ekow Annan writes for He has been part of the Politics and Current Affairs Desk since August 2022. Ekow has over ten years of experience in news reporting via various multimedia channels, including TV, Radio, and Online. He is an experienced multimedia journalist specialising in telling impactful current affairs, politics and business stories. He holds a BA in Communications (Strategic Communications) from the prestigious African University College of Communications (AUCC).