Order the release of our locked-up monies - Aggrieved MenzGold customers to Akufo-Addo

The Coalition of Aggrieved Customers of Menzgold Ghana has petitioned President Nana Addo Dankwa Akufo-Addo, seeking his influence in getting their locked-up monies from MenzGold paid them.

In the letter signed by all executives of the group and made available to GhanaWeb, the group indicated that it is employing this move because of the recent

Read full articledisclosure by the Economic and Organised Crime Office (EOCO) that it has become difficult prosecuting the MenzGold boss, Nana Appiah Mensah (NAM1).

“The latest disclosure by EOCO and prosecution team on the difficulty to prosecute the criminal case involving Mr. Nana Appiah Mensah (NAM1) make it more imperative for government to reconsider its position on MenzGold victims,” the statement said.

The group, therefore, wants President Nana Akufo-Addo to intervene, using his authority to retrieve their monies for them, especially since the situation has led to many deaths.

“His Excellency, Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana, is by this petition respectfully being requested to show us his highest prerogative of mercy and compassion and order payment of our locked-up investment in Menzgold in accordance with his power of mercy and compassion as contained in 1992 constitution and in accordance to government’s own policy on bailout of customers of affected financial institutions rolled out in 2019/2020,” the statement added.

The group also suggested to the president that he should employ other ways of ensuring that after four years since their monies were locked up, they can get some lasting solution to their plight.

One such suggestion, the group said, could be the enforcement of a committee system, as they suggested to the Attorney General and Minister of Justice.

“Alternatively, government may adopt the Private Member’s motion filed on 3rd November 2021, before parliament on behalf of MenzGold victims, pass it and respectfully pay MenzGold victims.

“Better still, please use the committee system as we suggested to the Attorney General and Minister of Justice in our 2019 petition to help victims secure their money,” it said.

Background

Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC) in 2018.

According to the SEC, Menzgold had been involved in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns to clients without a valid license from the Commission.

This was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act,” according to the SEC.

Menzgold customers have in the past lamented the lack of commitment on the part of the government to have their monies paid to them.

They are also unhappy about the delay in prosecuting Menzgold’s CEO, Nana Appiah Mensah.

Read their full statement below:



EA/SEA