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Business News of Monday, 5 November 2018


We don’t trust Menzgold anymore – Clients

Some aggrieved traders of embattled gold-trading firm Menzgold Ghana Limited say they are indifferent to an advice by the firm for customers to migrate onto an online trading platform called Menzgold Global Market.

Menzgold, in a statement signed by its acting Head of Communication, Nii Amarh Amarteifio, on Sunday, 4 November 2018, said the new online platform would keep the gold trading business actively in session to forestall payment impediments in the future.

Menzgold was forced to shut down in September this year after the Securities and Exchange Commission (SEC) and the Bank of Ghana raised concerns about its unlicensed operations.

In its statement, Menzgold noted that it will start paying 15 per cent of the principal capital of clients starting from Friday, 9 November 2018.

But the companies aggrieved clients say they do not see how migrating unto an online platform will address their concerns.

The leader of the aggrieved Menzgold clients, Kenneth Nimo, told Class 91.3FM on Monday, 5 November 2018 that the management of Menzgold should concentrate on paying the capital to customers whose funds are locked up at the firm.

He says they no more trust anything the gold-trading firm says.