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Menzgold Issues Pay 50% of principal in 1 month or face our wrath - Clients to Menzgold

At a press conference organised in Accra, the angry customers said they will not wait till the 90 days promised by Menzgold for their principal.

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CEO of Menzgold, Nana Appiah Mensah play

CEO of Menzgold, Nana Appiah Mensah

Some aggrieved customers of Menzgold Ghana Limited have given the gold-trading firm a 1-month ultimatum to pay half of their total principal or face their wrath.

At a press conference organised in Accra, the angry customers said they will not wait till the 90 days promised by Menzgold for their principal.

The leader of the disgruntled customers, Kenneth Nimo said Menzgold acted irresponsibly when they dragged the Bank of Ghana (BoG) and the Securities Exchange Commission (SEC) to court on the matter.

READ ALSO: Here’s why high profile Menzgold customers are silent

They encouraged the managers of Menzgold to solve their issues with their the central bank and SEC.

Mr Nimo said: “We encourage every client of Menzgold to join our ranks, as a united front is the only way to ensure fruitful closure to our concerns. Menzgold has since the 12 of September relinquished on its obligation towards its customers.”


“We wish to state that in spite of the many challenges of the company with regulators in the past month, we have remained calm and confident in their ability to effectively engage with regulators and bring closure to ensure the revival of their operations.”

“However, Menzgold, instead of utilising this sterling opportunity provided by SEC and BoG to regularise the activities, has resulted to the law court seeking a perpetual injunction against any interference in their operations. We state categorically that that smacks of irresponsibility and insensitivity to the plight of its clients who have stood by them in these hard times.”

“We wish to employ this medium to reiterate that clients of Menzgold will not be taken for granted; we will commit our energy to the just cause of retrieving the hard-earned investment with Menzgold."

READ ALSO: Pastor sues Menzgold; demands GHc 24,000 investment

 “However, should Menzgold continue on its path to war with the said agencies, we don’t have a problem with that; however, if it does so as a corporate body, it cannot hold its clients hostage should they wish to opt out of the scheme.”

“We demand that Menzgold kicks into action with immediate effect to pay matured investment and terminations if its operations have been dislodged and its clients can expect no extra value. We do not subscribe to the prolonged period of 90 days stated in Menzgold’s latest communication, as the company has not adhered to such guidelines in the past period.”

The aggrieved Menzgold clients say they are giving the company a four-week window within which they expected the firm “to pay 50 per cent of gold traded to all customers and pay the rest of that amount until the 90 days are due.”

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