We deserve our locked up deposits, we pay taxes too – Menzgold customers

Customers of Menzgold Ghana Limited are demanding to be included in the list of customers of collapsed financial institutions earmarked to be settled by the government.

They made this demand during a press conference where they presented 10 arguments urging the government to facilitate the retrieval of their locked up cash.

President Nana Akufo-Addo has assured depositors whose funds are locked up in collapsed financial institutions that they will have their monies paid back to them.

But the status of Menzgold customers still remains unclear.

At the event, a spokesperson of the Coalition of Aggrieved Menzgold Customers, Fredrick Forson, called on the president to address their concerns during the upcoming State of the Nation Address.

“The relevant provisions in the Act impose a huge responsibility on the government to insure and protect the investments made by the citizens…Since September 2018, the government has failed to protect our economic investment and must, therefore, take full responsibility now.”

“There is an urgent need for state intervention to help Menzgold customers to retrieve our investments. We call on the Vice President, Dr. Mahammudu Bawumia to revise the category of people who are receiving money as [being under] collapsed banks and microfinance [firms] to include Menzgold customers since we are equally taxpayers and responsible citizens of this country,” he added.

Menzgold’s woes

According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

This, the SEC said, was in contravention of “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.

Despite several protests to get their monies back, all their efforts have over the years have been futile.