Official: Government of Ghana will not refund Menzgold customers with taxpayer’s money

The government of Ghana has officially disclosed that it will not use taxpayer’s money to refund the customers of Mengzold.

Ghana's Minister of Information, Kojo Oppong Nkrumah

This follows a press release by the country’s Ministry of Information on Thursday, January 10, 2019.

The government says customers who invested in the company did so at their own risk.

Recently some aggrieved customers of Menzgold have had several agitations, demonstrations and media complaints asking the government to help them retrieve their monies from the company after it failed to pay them.

This has therefore triggered the government to release the statement.

According to the statement, the regulators for the country’s financial services, the Bank of Ghana (BoG) and the Securities and Exchanges Commission (SEC) have on numerous occasions warned them to desist from doing businesses with the company since it was not a licensed deposit or asset management company.

As though the warning came, the company and even some customers came out rebating the report indicating that, it was not receiving deposits but rather dealing in gold trading.

The government has then advised customers whose contractual obligations have not been met to seek legal actions against the company because it will not spend a penny paying them.

The statement further said that despite the indications that some government officials and celebrities have taken pictures with the owner of the company, Nana Appiah Mensah popularly known as NAM1, it was not an endorsement of the company. 

Read full statement below;


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