Menzgold Boss Allays Fear – Say “We Will Pay You”

The Chief Executive of gold dealership firm, Menzgold Ghana Limited Nana Appiah Mensah has broken his long silence over the recent uproar into the operations of the company.

This time around, the business magnate is urging clients of the company to remain calm as the company works to pay them their returns.

Nana Appiah Mensah wrote on his Twitter account Saturday that the company has a brand to protect and will settle all entitlements due its numerous clients.

The call for calm comes weeks after scores of customers of minerals trading company massed up at various branches of the company to receive their matured investments as promised by management.

Recently, Menzgold has postponed payments of returns to its investors, sparking panic and concern among them.

Some of the customers had begun queuing as early as 5:00am following notices for schedule of the payments.

The company has come under fire recently after years of battle with state agencies for the controversial nature of its operations.

But in a tweet over the weekend Mr. Appiah Mensah reaffirmed the commitment of the company to pay its clients.

He wrote: “I humbly urge all Menzgold clients to kindly remain calm, as we prepare to COMPLETELY SETTLE all entitlements of any magnitude soon. We’ve got brands & names to protect. Self-restraint now is critical to maintain public peace & order. All is well.”

According to the Securities and Exchanges Commission (SEC), Menzgold is licensed only to buy gold from small-scale miners and export same.

The company is however not permitted to buy/sell gold collectibles from the public neither does its license permit it to engage in its gold vault dealings.

The Bank of Ghana has also described the company’s dealings as deposit-taking, which it isn’t licensed to do and has constantly warned the public not to deal with the firm.

Unsatisfied with the posturing of the BoG and SEC, lawyers of the company dragged the two entities to court accusing the two institutions of hurting its business.

In a writ the gold dealership firm wants the court to declare that its “business does not fall within the present legislated scope of the Banks and Specialized Taking Institutions Act 2016 (930).”

The gold dealers also want a declaration that the directives by the two institutions were arbitrary, capricious and contrary to Article 23 and Article 296 of the 1992 Constitution.

Lawyers of the company are also seeking an order setting aside the directives by the two institutions and for them to retract and apologise for same.

By Jeffrey De-Graft Johnson