Here’s how government of Ghana plans to repay deposits of Menzgold customers after several agitations and pressure

The government of Ghana has handed a lifeline to clients of Menzgold Ghana Limited after their quest to help them recoup their deposits from the troubled gold dealership firm.

Here’s how government of Ghana plans to repay deposits of Menzgold customers after several agitations and pressure

This follows an announcement by the Minister of Finance, Mr Ken Ofori-Atta during an interaction with officers of the Ghana Armed Forces (GAF) at the Burma Camp in Accra on Friday, February 22, 2019.

The revelation from the minister was in response to an appeal by some soldiers who had invested in Menzgold and had used the opportunity of an interaction with President Akufo-Addo at the Burma Camp to call on government for help.

He assured the officers that the assets of Menzgold CEO, Nana Appiah Mensah will be liquidated to repay the deposits of the clients of the troubled company.

The government was in the process of liquidating properties and assets of Nana Appiah Mensah to repay the clients of the firm who are due over GH¢200 million.

The minister said, "I think we have come up with the realisation that maybe over 200 million depositors are victims. He (Nana Appiah Mensah) has been apprehended in Dubai and I am sure a committee will be put together to see how to liquidate and whatever it is that can be found can be given to those who gave money," adding that, "But, government is not going to be spending for issues of this nature where we are very clear that it is not licensed and you know the risks that you have taken".

The Finance Minister's explanation on Friday was in response to an appeal by some soldiers who had invested in Menzgold and had used the opportunity of an interaction with President Akufo-Addo at the Burma Camp to call on government for help.

President Akufo-Addo who was with the Finance Minister rather asked him to respond to the soldiers' appeal.

Meanwhile, the president in his presentation of the State of Nations Address on Thursday re-echoed to Menzgold customers that the government will not use task payers money to pay them.

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