The announcement comes after the company asked customers whose funds have been locked up to visits centres across the country to validate their documents.

Although the company kept silent on when payment will begin, the Head of Communications at Menzgold, Nii Amarh Amarteifio has in a Facebook post said the company will begin payments to customers on December 18.

He wrote: “Management will make an official public pronouncement on the 18th December 2019 regarding payment schedules and formula.”

Background

About GH¢200 million of depositors cash is believed to be held up at the collapsed gold dealership firm Menzgold.

Menzgold folded up last year after the Securities and Exchange Commission (SEC) ordered it to suspend its operation with the public. Several efforts by the customers targeted at the company to get their monies have failed to yield any positive results.

According to the Commission, Menzgold did not have the licence to trade in gold collectibles and that doing so was in contravention of the Securities Industry Act, 2016 (Act 929).

The collapse of the gold trading firm had been blamed on the directive.

In the third quarter of the year, Menzgold Ghana Limited released a payment schedule for its customers.

A statement issued by the Head of Communications at Menzgold, Nii Amarh Amarteifio said that this “part of our efforts to finally discharge our financial obligations to our cherished customers."

The statement contained a schedule to be followed for the validation to help settle all verified claims of customers.

“Validation of documentations starts from 28th October to 28th November 2019. The time is 9 am to 4 pm each working day.”