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Gov’t ‘cannot and will not’ refund Menzgold customers’ monies

Nana Appiah Mensah has been declared wanted by the police CID The government has reiterated its stance that it “cannot and will not” use taxpayer

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Nana Appiah Mensah   Fancy Condolence
Nana Appiah Mensah has been declared wanted by the police CID

The government has reiterated its stance that it “cannot and will not” use taxpayers’ money to pay people who have lost their investments to the embattled gold dealership firm, Menzgold Ghana Limited.

According to the government, it has taken note of the recent agitations, demonstrations and media complaints by aggrieved customers after the company failed to honour its contractual obligations.

Though the government expresses sympathy, it has stated categorically that it cannot help the situation.

“While government sympathizes with customers on the difficulties encountered in their transaction with the company, the state cannot and will not resort to the use of taxpayer’s monies to refund customers monies,” a statement signed by Information Minister, Kojo Oppong Nkrumah, Thursday read.

But the government has advised that they rather seek legal redress because the company does not fall within a framework which will allow government to intervene and refund the monies

The statement explained Menzgold is neither a Bank of Ghana nor Securities and Exchange Commission-regulated entity as such government cannot intervene as it did in the case of the banking sector.

“In the case of Menzgold, it operated as a trading company and falls outside the scope of the regulators’ intervention,” the statement said.

The government also reminded the customers of the numerous warnings from SEC and the BoG which they defied.

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