The court, presided over by Justice Angelina Mensah-Homiah J. in a ruling, however, refused to enforce the contractual interest at the rate contained in the respective agreements between Menzgold and the respective plaintiffs because it had been found to be a Ponzi Scheme in a previous suit.

The plaintiffs will instead be paid interest at the prevailing commercial bank rate from the date of judgement till date of final payment.

CEO of Menzgold, Nana Appiah Mensah
CEO of Menzgold, Nana Appiah Mensah

The plaintiffs which include soldiers from the Ghana Navy, the Ghana Air Force and the Ghana Army per the writ of summons issued on December 12, 2018, had prayed the High Court to order a refund of their money.

The sums which are their principal investments with Menzgold ranged between GH¢18,000 and GH¢244,000.