Delivering his third State of the Nation Address since he took office as president, Nana Akufo-Addo said the state is working to resolve issues surrounding the Menzgold saga.
“As the authorities try to unravel the intricacies of the MenzGold saga I admonish Ghanaians to learn the necessary lessons, even as State institutions work to bring a resolution and those who indulged in criminal activities, are brought to justice.”
The Securities and Exchange Commission (SEC) ordered Menzgold to shut down its investment operations on September 12, 2018, for contravening the Securities Industry Act, 2016 (Act 929).
The SEC also cautioned Menzgold to stop advertising gold collectibles investment product which officered clients between 7 and 12 percent interest per month.
Since then, Menzgold Ghana has been unable to pay its customers both their interests and deposits.
This has led to a number of demonstrations by aggrieved customers across the country.
Some of the customers have threatened legal action while others have appealed to the government to intervene so they can get their investments back. Meanwhile, other customers have petitioned the government to pay them their deposits just as it did for customers of DKM.
Meanwhile, the CEO of Menzgold Ghana Limited Nana Appiah Mensah (NAM1), is currently being held in Dubai for unrelated criminal offences. The Ghanaian authorities and the police are working to have him extradited to face separate criminal charges relating to fraud.