Some irate clients of Nana Appiah Mensah’s defunct gold collectible company, Menzgold, have been given notice to visit the president’s office to demand payment of their locked-up monies.
In response to Maame Tiwa Addo-Danquah, Executive Director of the Economic and Organized Crime Office (EOCO), saying that Nana Appiah Mensah, also known as NAM1, cannot be prosecuted by the Attorney-General and Minister of Justice, a spokesperson for the aggrieved customers, Fredrick Forson, made this announcement.
In a television interview on August 22, 2022, Mr. Forson stated that the consumers “will further proceed to the president’s mansion to demand that our money be reimbursed” after marching to the president’s office on September 12, 2022.
He said that if the president doesn’t order the minister of finance to pay their various banks after two weeks, this will take place.
He objected and questioned why, when it was the same organization that went to the High Court to request an order to auction the properties of NAM1, the government, through EOCO, has not been able to reimburse customers’ locked-up monies.
He inquired about the whereabouts of the funds obtained from the sale of the NAM1 properties.
Since the Securities and Exchange Commission shut down Menzgold’s operations roughly four years ago, “We demand to know the location of the monies,” the statement continued.
He claimed that as a result of the government’s failure to release the frozen monies, they have lost 183 customers.
The Securities and Exchange Commission halted Menzgold’s operations in September 2018.
The Minerals Commission of Ghana canceled the company’s operating license, which had been initially given in 2014 and had been largely for gold trade and export.
However, as rumors of a gold investment program with large returns began to spread, the Bank of Ghana started to issue warnings, advising people to avoid doing business with the firm and cautioning it against accepting cash deposits.
Since the closure, Menzgold’s customers have been unable to access their deposits and have staged countless fruitless demonstrations at its various branches.