Tarkwa: Menzgold customers hit street over locked up funds

File photo: Menzgold customers demonstrate
File photo: Menzgold customers demonstrate

Aggrieved customers of troubled gold trading firm Menzgold Ghana Limited have warned of disorder if government does not expedite its efforts in retrieving their locked up funds.

They served the notice Tuesday when they poured onto the streets of Tarkwa in the Western Region to demonstrate over their locked up funds.

“We are not going to sit down today or tomorrow to let Nana Appiah Mensah dupe us. We are not going to tolerate that. From today, this is the last demonstration and if we do not hear anything from the government we are going to do our worst,” Accra based Starr FM quoted them as saying.

“The government has been sitting down doing nothing. This is just the tip of the iceberg. If we don’t hear anything from the president, if we don’t hear anything from the government we shall do our worst. They should take this as a caution,” they added during the highly charged demonstration.

For months the customers have been demanding refund of their principal investments after the gold dealership company was instructed by the Securities and Exchange Commission (SEC) to halt operations.

SEC directed Menzgold in September last year to suspend operation with the public. Menzgold, the Commission said did not have the license to trade in gold collectibles and that doing so was in contravention of the Securities Industry Act, 2016 (Act 929).

Menzgold has since collapsed, compelling its customers to blame SEC for the fold-up—a charge SEC strongly rejected.

“I don’t think anyone will be right in saying that SEC was responsible for the collapse. If the model itself wasn’t viable it was meant to happen and it will just be someone trying to look for someone to wear the cap.

“Anyone who says that SEC was responsible for the collapse of Menzgold, I think is being a bit disingenuous,” the Director General of SEC Rev. Dr. Daniel Ogbarmey Tetteh said in a recent interview.

Meanwhile, security analysts are warning that the Menzgold crisis could degenerate into full blown civil war.

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