Ken Ofori-Atta reveals over GHC200m locked-up in Menzgold

The Minister, during an interaction with officers of the Ghana Armed Forces (GAF) at the Burma Camp in Accra on Friday, he said investigations show over GHC200 million has been locked-up in the company.

“I think we have come up with a realization that maybe over GHc 200 million is outstanding and he (Nana Appiah Mensa) has been apprehended in Dubai,” he said.

He added: “You know that if someone is investing in gold, there is just no way they can give you 20 percent.

"So we need to examine ourselves as to the type of sentiment or overzealousness to get the return which is impossible and therefore what element of greed we have that we are exercising this and when a company does not have a license to do something and you choose to go there; I think it is an issue we need to contend with”, Ken Ofori-Atta added.

The Finance Minister also revealed how the government was going to help recoup deposits of customers from the troubled gold dealership firm.

He said assets of Menzgold CEO, Nana Appiah Mensah will be liquidated to repay the deposits of the clients of the troubled company.

The Finance Minister's explanation on Friday was in response to an appeal by some soldiers who had invested in Menzgold and had used the opportunity of an interaction with President Akufo-Addo at the Burma Camp to call on government for help.