Ghana’s Minister of Finance, Ken Ofori-Atta
has disclosed that at least GHS 200 million of depositors’ funds are
locked up with embattled gold dealership firm, Menzgold Ghana Limited.
Thousands of Menzgold clients have demonstrated and filed lawsuits to
compel the company to release their funds after the Securities and
Exchange Commission shut down the company’s gold vault market operation
over regulatory infractions.
Fifty-three soldiers decided to drag Menzgold to the High Court for
failing to pay them a total investment of GHS2.5 million in early 2019.
Speaking to some personnel of the Ghana Armed Forces (GAF) after
President Nana Akufo-Addo had donated 50 Ankai Buses to the army in
Accra on Friday, 22 February 2019, Mr Ofori-Atta said: “I think we have come up with the realisation that maybe over GHS200 million is outstanding”.
He was responding to a question posed by army personnel on what the
government was doing to help them retrieve the locked-up investments.
Mr Ofori-Atta
added that the authorities are in the process of liquidating the
properties of the CEO of Menzgold, Nana Appiah Mensah, and using the
proceeds to pay the clients.
He, however, ruled out any monetary intervention using taxpayers’ money.
“He [Nana Appiah Mensah] has been apprehended in Dubai. I’m sure a
committee will be put together to see how to liquidate [his assets] and
whatever it is that can be found can be given to those who gave money,”
Mr Ofori-Atta noted.
He was quick to add that: “The government is not going to be standing in
for issues of this nature where we are very clear that it is not
licenced and you know the risk that you have taken”.
GHC200m locked up in Menzgold; we’ll pay clients with NAM1 assets
