Menzgold customers block roads, burn tyres as demonstrations continue in Kumasi

Menzgold demo in Kumasi

The demonstrators, numbering over one hundred, began the protests earl today (Tuesday morning) and have blocked some major roads.

They have blocked access to Adum from Amakom and are demonstrating in front of the company’s Amakom office amidst burning of lorry tyres.

“It is going to be one of the mega protests that has even happened in this country because all the Menzgold customers across the country will be coming to Kumasi to protest against the insensitivity of our president towards our plight.

“We have petitioned Otumfuo Osei Tutu II on this issue and we have been to his office for about three times so we are going to send a letter of reminder to Otumfuo’s office,” spokesperson of the coalition of aggrieved customers of Menzgold, Francis Owusu, told Accra-based Citi FM in an earlier interview.

The demonstration comes after several failed attempts by the aggrieved customers to retrieve their investments from Menzgold.

Meanwhile, the Ashanti Regional Police has described the demonstration as “illegal” and subsequently ordered the group to back down on their action.

Towards the end of last year, there were similar protests in Accra, with customers pleading with the government to intervene to get the gold dealership firm to refund their investments.

Menzgold has been in the news in recent times following the company’s troubles with state regulatory bodies over its operations.

The Central Bank and Minerals Commission maintain that the company has been taking deposits and locally selling gold despite not having the requisite license to do.

However, the seriousness of the issue was confirmed last September when SEC directed Menzgold to shut down its gold trading activities.

Currently, the operations of the company remain closed to the public, with several customers agitating for a refund of their investments.

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