Mezgold customers monies are 'locked', it'll be difficult to get it back - Economist

Economist and lecturer at the University of Ghana Business School, Dr. Laud Mensa doubt if the Chief Executive Officer (CEO) of defunct Menzgold Ghana, Nana Appiah Mensah could pay back all customers owed.

He claims the speed at which Menzgold operated was questionable from the onset and could have been prevented by government to block the current situation.

According to Dr. Laud Mensah some strict measures must be put in place in the financial sector to avoid future occurrences.

“The system isn’t there, that is why they [Menzgold] found their way through. The country should be able to match up with the speed at which they were operating,” he said.

Payment impossible

Speaking on NEAT FM’s morning show ‘Ghana Montie’, the Economist did not give the aggrieved Menzgold customers any hopes of retrieving their money back from the Gold dealership firm.

He was emphatic that “their monies are now locked” – and any attempt to get it back will “be difficult.”

“The only option is to sell Menzgold’s properties and it's likely those properties are rented so how are you going to sell that to pay customers?” he questioned.



Menzgold has paid over GH¢9.6 million to its customers – NAM1

Menzgold Ghana CEO, Nana Appiah Mensah has revealed that his firm has paid over GH¢9.6 million to their customers even in their state of dormancy.

In an open letter the CEO who is popularly referred to as NAM1 said: “as of now, we hold documentary evidence, clearly showing that we have paid over 96 billion old cedis (GH¢9.6) even in our state of dormancy and continue to humbly make payments every now and then.”

“We are capable, committed, and shall continue to appreciate the paid-up figure to a conservatively minimum amount of 600 billion old cedis (GH¢60million) before the end of the calendar month of December 2020 as we commence productivity,” the statement added.

Menzgold customers call for the immediate arrest of NAM1

A lavish artiste signing ceremony held in Accra over the weekend sparked fresh calls for Nana Appiah Mensah, popularly known as NAM1 to be arrested.

The Coalition of Aggrieved Customers of Menzgold (CACM) who wonder how the man who has failed to pay them since their investments were locked up when the company collapsed years ago, is still throwing money around.

They not only want him arrested immediately, but they also want all his properties confiscated.



Menzgold’s woes

According to the Securities and Exchange Commission (SEC), Menzgold is not licensed to deal in the purchase and deposit of gold collectibles from the public.

Menzgold until it was shut down was dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients.

The SEC said this contravened “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.

Customers have demonstrated and held press conferences to get their monies back over the past years.