There is glimmer of hope for Menzgold clients - Finance minister

Mr Ken Ofori-Atta, the Minister of Finance, on Friday, announced that about GHc200 million clients’ outstanding funds are with the embattled gold dealership company, Menzgold Ghana Limited.

He, therefore, assured anxious clients of the gold dealership firm to exercise restrain as government would soon constitute a committee to liquidate the assets and property of the firm to repay them.

Mr Ofori-Atta made this known at a staff durbar organized by the Ghana Armed Forces at the Burma Camp, during a visit by President Nana Addo Dankwa Akufo-Addo.

The Minister’s response was necessitated by a question from a soldier, who enquired whether government would bailout soldiers whose funds are locked up with Menzgold.

In the late 2018, some 53 soldiers filed a writ at the Accra High Court, praying the court to help them retrieve their GHc2.5 million locked up investments with Menzgold.

Nana Appiah Mensah, alias “NAM1”, the Chief Executive Officer of Menzgold, is currently standing trial in Dubai in the United Arab Emirates for misdemeanour over a US$23 million deal, gone bad.

The Finance Minister, described the situation as unfortunate, and said it was not only the members of the Ghana Armed Forces who were affected, but some employees of the Ministry of Finance and Bank of Ghana as well.

The Minister admonished Ghanaians to re-examine themselves critically over any kind of investment that promised unrealistic profit margin, especially whereby the company has no licence to operate.

Mr Ofori-Atta was emphatic that government would not provide any stand-in for those whose funds had been locked up with Menzgold.

He said government had spent already over GHc11 billion in the banking recapitalization exercise, therefore, it was financially constrained to cough out another money to bailout Menzgold clients.

Commenting on the welfare of soldiers, the Minster said, it experienced torrid period since assuming the reins of government in 2017; nonetheless, government increased the allowances of Ghanaian troops in the United Nations peacekeeping mission.

The Minister said government increased the allowance from $30 to $35 for each soldier per day, and also paid all outstanding arrears of the troops that went to The Gambia, and, thus, assured of government’s commitment to improve their welfare and operational equipment.

Mr Ofori-Atta said the nation could only achieve its vision of moving “Ghana Beyond Aid” only when both the military and civilian employees remain committed and disciplined towards the implementation of government policies and provision of infrastructural development.

Earlier, President Nana Akufo-Addo out doored some buses and operational vehicles for the soldiers, and also commissioned Commandant Officers Mess for the Ghana Armed Forces.