Official: Government of Ghana will not refund Menzgold customers with taxpayer’s money

The government of Ghana has officially disclosed that it will not use taxpayer’s money to refund the customers of Mengzold.

Ghana's Minister of Information, Kojo Oppong Nkrumah

This follows a press release by the country’s Ministry of Information on Thursday, January 10, 2019.

The government says customers who invested in the company did so at their own risk.

Recently some aggrieved customers of Menzgold have had several agitations, demonstrations and media complaints asking the government to help them retrieve their monies from the company after it failed to pay them.

This has therefore triggered the government to release the statement.

According to the statement, the regulators for the country’s financial services, the Bank of Ghana (BoG) and the Securities and Exchanges Commission (SEC) have on numerous occasions warned them to desist from doing businesses with the company since it was not a licensed deposit or asset management company.

As though the warning came, the company and even some customers came out rebating the report indicating that, it was not receiving deposits but rather dealing in gold trading.

The government has then advised customers whose contractual obligations have not been met to seek legal actions against the company because it will not spend a penny paying them.

The statement further said that despite the indications that some government officials and celebrities have taken pictures with the owner of the company, Nana Appiah Mensah popularly known as NAM1, it was not an endorsement of the company. 

Read full statement below;

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Linet Toto excited as she unveils sleek ride after 1 month in office [Photos]

Linet Toto excited as she unveils sleek ride after 1 month in office [Photos]

Aliko Dangote the richest man in Africa just got richer

Aliko Dangote the richest man in Africa just got richer

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Diwali 2022: Is Monday a public holiday in Kenya?

Diwali 2022: Is Monday a public holiday in Kenya?

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage