Business & Finance | Sep 12, 2018

Ghanaians Rush To MenzGold For Deposits

Ghanaians troop to Menzgold Ghana to know the status of their deposits with the firm.

This comes after the Securities and Exchange Commission (SEC) ordered Menzgold to stop operations with immediate effect.

In a letter dated September 7, 2018, the Deputy Director of the SEC said that after a meeting with some officials of Menzgold they have demanded further documentation to make decisions.

Until that time, they have asked the company to stop business operations.

Information reaching out to customers about the order by the Securities and Exchange Commission (SEC) has sparked some panic from people who have invested with the company.

Menzgold Dealership, Lagos Avenue branch at East Legon's visit to Menzgold saw a number of cars parked along both sides of the road at the Lagos Avenue branch at East Legon with hundreds of people there to get clarifications.

"I'm worried. I want to terminate my account. But that will cost me 25% of my money," one person told in an interview.

"I just want my money. That is why I am here. All I need is my money," another added.

Others, however, did not seem perturbed. They accused the Akufo-Addo-led government of deliberately closing the firm.

"The government just wants to frustrate this business," one person said.

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