'Even BoG employees invested with Menzgold' – Finance Minister reveals

The Minister said his checks reveal that employees of th Bank of Ghana and others from the Finance Ministry have their monies locked up with Menzgold.


The Minister said his checks reveal that a host of other reputable people in society have their monies locked up with the gold dealership firm.

He, however, attributed the current standoff between Menzgold and its customers to pure greed.

According to him, the customers should have been more open-minded to know that the percentage being offered by the gold dealership firm was unrealistic.

He further disclosed that apart from BoG employees, people at the Finance Ministry as well as some military officers also have their monies locked up with Menzgold.

“…As I look at the Ministry of Finance and I see some people who are at the Ministry of Finance who have invested there, I look at the Bank of Ghana and I see some people who have invested there, and of course the military etc [who have invested there],” Mr. Ofori-Atta said at a ceremony to celebrate the 20th anniversary of the Securities and Exchange Commission (SEC).

The Minister cautioned customers who invested with the gold dealership firm not to expect the government to retrieve their monies for them.

According to him, the government will not pay any customer who has his or her money locked up with Menzgold.

“As we try to clean up the financial services center, I know the SEC has come down hard, strong and justifiably on Menzgold. But the issue with a company of Menzgold…it’s become an issue of greed as a people and our own behaviour, when we are so clear as educated as we might be that when we went there, there was no license.”

“I think it is not in the place of government to fund or get your money back for you. It was an obvious trap that you went into. Maybe we as an industry should also push the whole issue of education and empowerment so that people do not fall prey to that,” the Finance Minister added.

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