Customers of the collapsed MenzGold Ghana Limited have made a heartfelt appeal to the incoming administration of President-elect John Dramani Mahama, urging him to provide immediate financial relief to help alleviate their dire circumstances. MenzGold, once a leading gold trading and investment company, shut down amidst allegations of operating a Ponzi scheme, which left thousands of investors unable to retrieve their funds.
The collapse of the company has resulted in significant financial hardship for many of its customers, who have been left in economic distress as they await the outcome of long-running legal proceedings. The company’s CEO, Nana Appiah Mensah (NAM1), has faced numerous legal challenges, but despite years of litigation, the process has moved slowly with minimal progress, increasing frustration among the affected customers.
Fred Forson, who serves as the convener for the aggrieved MenzGold customers, spoke with Citi News to highlight the growing urgency of their situation. Forson pointed out that many of the investors who placed their money in MenzGold have now been plunged into severe financial hardship, with no immediate relief in sight.
“We are appealing to the incoming government to consider implementing a bailout scheme. This would provide urgent financial relief to those of us who are suffering as a result of MenzGold’s collapse. While we understand that the legal process must take its course, we are in a very dire situation that requires immediate action,” Forson stated.
Forson further elaborated on a potential solution: the use of the frozen assets of MenzGold, including real estate properties, vehicles, and other holdings, which are currently in state custody due to ongoing investigations and court proceedings. He proposed that these assets could be used as collateral for a financial bailout that could help address the immediate needs of the investors, while the legal matters surrounding NAM1’s case continue.
Since the collapse of MenzGold, the assets of the company have been under scrutiny and are part of the investigations led by the state. However, Forson and the affected customers believe that these assets could provide a way to offer financial relief to the victims, even before the legal process concludes. The assets, which include significant property and valuable assets, have remained frozen, but customers argue that utilizing them for a bailout would be a fair and practical means of addressing their financial struggles.
Despite the ongoing investigations, many MenzGold customers are hopeful that President-elect Mahama’s administration will take steps to offer relief, helping to alleviate the financial burden while awaiting the final resolution of the court case involving the company’s CEO.
The matter has sparked considerable debate, with many questioning how the frozen assets of MenzGold can be used to address the claims of affected customers. However, with the slow progress of legal proceedings, many are urging for immediate government intervention to prevent further economic hardship for those already impacted by the collapse.
