A statement signed by the Information Minister, Kojo Oppong Nkrumah, said the tax payers’ money will not be used to pay any Menzgold customer.
The government also advised persons whose investments are locked up with the gold dealership firm to head to court to seek legal redress.
“Customers whose contractual obligations have not been met by the company are entitled to seek legal remedy to retrieve their funds paid to the company ostensibly to buy gold,” sections of the statement reads.
It added: “While government sympathizes customers on the difficulties encountered with their transaction with the company, the state cannot and will not resort to the use of taxpayer’s monies to refund customers monies.”
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 the gold dealership firm 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.
On Tuesday, there were fresh protests as aggrieved customers hit the streets once again in Kumasi in the Ashanti region.
Meanwhile, the CEO of Menzgold, Nana Appiah Mensah has been declared a wanted man both on and off the shores of Ghana after a warrant was issued for his arrest.
On Wednesday, an Accra Circuit court issued a warrant for the arrest of the embattled businessman on charges of defrauding by false pretense.
This follows the inability of Menzgold to make refunds to aggrieved customers whose investments remain locked up with the gold dealership firm.
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