Customers of embattled gold dealership firm, Menzgold in the Ashanti Region are blaming the Security and Exchange Commission (SEC) and the Bank of Ghana for not being proactive in stopping the firm from operating.

The aggrieved customers whose monies have been locked up with Menzgold say their frustration and disappointment is with SEC and BOG who failed to take decisive actions earlier than they have done.

According to them, the two authorities had watched on for Menzgold to operate its investment portfolio for five years without taking measures to halt their operations, which was an indication of how legit the business was.

“We are disappointed in SEC and BOG. If they were proactive, it would have saved thousands of people from investing with Menzgold. If they had done this two years ago, am sure thousands of people wouldn’t have entered. Because Menzgold has been in existence for five good years and people believed in them” Amankwa Baffour who is the spokesperson for the customers in Ashanti Region told sit-in host of Akwasi Nsiah Anopa Kasapa on Kasapa Fm.



Meanwhile, a group calling itself ‘Aggrieved Customers of Menzgold, has given the company a four-week ultimatum to pay 50% principal investments of all customers.

The group in a press conference on Wednesday addressed by its general secretary said “We do not subscribe to the prolonged period of 90 days stated in Menzgold communication as the company has not adhered to timelines in the past periods. We are even more concerned that this is nothing more than the time-bound strategy as the company in these past few weeks has rebranded its official vehicles, laid off staff, and it is likely to vacate their offices in the coming weeks.

“We recognize the difficulty Menzgold faces should it attempt to pay all customers at a go. Members of aggrieved traders of Menzgold are therefore giving them four weeks per their stipulated time to pay 50% of the total value of gold traded to customers and pay the rest of the remaining amount when the 90 days are due.”