Menzgold has paid over GHC9.6 million to its customers – NAM1

The Chief Executive Officer (CEO) of defunct Menzgold Ghana, Nana Appiah Mensah has revealed that they have paid over GHC9.6 million to their customers even in their state of dormancy.

Burglars break into Menzgold’s Dzorwulu office

In an open letter the CEO who is popularly referred to as NAM1 said: “as of now, we hold documentary evidence, clearly showing that we have paid over 96 billion old cedis (GHC9.6) even in our state of dormancy and continue to humbly make payments every now and then.”

“We are capable, committed, and shall continue to appreciate the paid up figure to a conservatively minimum amount of 600 billion old cedis (GHC60million) before the end of the calendar month of December 2020 as we commence productivity,” the statement added.

Menzgold’s woes

According to the Securities and Exchange Commission (SEC), Menzgold is not licensed to deal in the purchase and deposit of gold collectables from the public.


Menzgold until it was shut down was dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients.

The SEC said this contravened “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”

The company was however cleared to continue its “other businesses of purchasing gold from small-scale miners and export of gold.”

It has however failed to fully pay its numerous aggrieved customers the value on their gold deposits as well as their entire investments.

Customers have demonstrated and held press conferences to get their monies back over the past years.

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