Customers of Menzgold Ghana Limited, the defunct gold dealership firm, have petitioned Parliament to investigate the circumstances that led to the closure of the firm.

They also want the Parliament to look into how the Security and Exchange Commission (SEC), the Economic and Organized Crime Office (EOCO) played a role in the decision to close the firm.

Speaking at a press conference in Accra, spokesperson for the aggrieved customers, Fred Forson, stated that the account of board members and the CEO of Menzgold must also be investigated.

“We call on Parliament to investigate the closure of Menzgold, including the role played by SEC and EOCO as well as the bank accounts of the CEO and board members of Menzgold and Brew Marketing Companies.”
Fred Forson

Also, the group is calling for a thorough investigation into some missing assets of the defunct company.

“The whereabouts of some 4000 kilograms of gold assets should also be investigated.”
Fred Forson

According to the aggrieved customers, the move by the Security and Exchange Commission (SEC) to shut down Menzgold in September, 2018 was hasty.

“Menzgold was a legitimate company, registered and licensed by appropriate state agencies under the laws of Ghana to operate. If the state feels that the company added on other operations that encroached the jurisdiction of another regulator, it is not the customers who should suffer for the company’s shortcomings.”
Fred Forson

The Leadership of the defunct Menzgold for the past three years have been reeling over the locked-up funds not only at Menzgold Ghana Limited but also at Brew Marketing Ghana, which belonged to Nana Appiah Mensah, popularly known as NAM1.

Government Lacks Commitment in Prosecuting NAM 1

Customers of the defunct gold dealership firm, have vowed to use available avenues to retrieve their locked-up investments from the company.

Furthermore, the Coalition of Aggrieved Customers have accused the Government of Ghana for failing to protect funds of the investors, a development that continues to deepen their hopelessness by the day.

The customers bemoaned the ‘unconcerned posture’ of the government, saying they “are yet to see any remedy by the government or its agencies in assisting customers to retrieve their locked up investments.”

“The rampant adjournment of the criminal case [which has been running for three years] has shown that till date, the state’s prosecution team has not been able to even proffer charges for trial.”
Fred Forson

The customers lamented that the posture of the government shows lack of commitment and unwillingness on its part to pursue the case.

“This is a clear sign that government lacks the commitment to prosecute NAM 1 as many see the trial as ‘a government dancing kpalongo’ in court with NAM 1.

“Customers have suffered in silence for government’s failure at its own job and we will not continue to keep mute.”
Fred Forson

New claim

The Coalition further revealed that Nana Appiah Mensa, though standing trial, has been given the permit to operate another ongoing mineral trading business.

“It has come to our attention that Nana Appiah Mensah, also known as NAM 1, who is the major contributor to our current plight, has been given a new license. He has started trading in minerals once again as Ivex Minerals.

“This comes to light after NAM 1 who is currently standing criminal prosecution in our law courts failed in operating PayBoy, Menzgold Prado, Menzgold Global, Zyllawood, etc in the aftermath of Menzgold’s collapse.”
Fred Forson

It can be recalled that leadership of the Coalition of Aggrieved Customers of Menzgold (CACM) on Wednesday, June 23, 2021, met the Speaker of Parliament, Alban Sumana Kingsford Bagbin, over their plight with respect to the locked-up funds.

The meeting formed part of the customers’ engagement with relevant stakeholders with respect to their grievances.

Meanwhile, Menzgold’s operations were shut down in September, 2018 by the SEC.

The company’s operating license which had initially been granted in 2014, was revoked by the Minerals Commission of Ghana.