Three Menzgold clients arrested over demonstration

Police in the Ashanti Region has arrested three protesters who were part of the Menzgold customers who staged a demonstration in Kumasi on Tuesday, 8 January 2019.

Customers of gold-dealership firm Menzgold Limited defied police orders and went ahead to picket at the Menzgold office at Kumasi Amakom.

The irate clients blocked the main Kumasi - Accra road and burnt car tyres to demand payment of their locked-up investments.

The aggrieved customers said police intentionally decided to stop them from demonstrating, hence the decision to defy their orders. They are also calling on government to intervene in the matter and assist in recovering their investments.

Meanwhile, the spokesperson of the aggrieved customers, Francis Owusu, has said that the group would petition President Nana Akufo-Addo and the Asantehene Otumfuo Osei Tutu II on the matter.

ASP Godwin Ahianyo, Regional Police Public Relations Officer told the media that the three were arrested at the scene of the demonstration.

He said the protestors defied their orders to stop the demonstration and their initial proposal for dialogue.

The customers said the company has reneged on its promises to pay them an agreed percentage of their principal.



Menzgold is battling the Securities and Exchange Commission (SEC) and Bank of Ghana (BoG) over its operations. The company has dragged SEC and the BoG to court to stay away from its business, but the state agencies insist Menzgold does not have the licence to conduct business in the manner it was doing by paying dividend to clients.

The SEC, thus, asked Menzgold to shut down its operations until it complies with the laws regulating the industry.