Finance Minister Reveals Over GHc200m Locked-up In Menzgold

The Minister of Finance Ken Ofori-Atta has disclosed that the value of deposits currently lost to Menzgold stands at over Ghc200 million.

He made this revelation when he accompanied President Nana Akufo-Addo to present equipment to military personnel at Burma Camp on Friday.

This is the first time that the Finance Ministry has put a figure to the situation at Menzgold which has seen several investors, including military personnel falling victim.

Several other individuals have also lost millions of Ghana cedis from their investments that have gone bad at Menzgold.

“I think we have come up with a realization that maybe over GHc 200 million is outstanding and he (Nana Appiah Mensa) has been apprehended in Dubai.”

“You know that if someone is investing in gold, there is just no way they can give you 20 percent. So we need to examine ourselves as to the type of sentiment or overzealousness to get the return which is impossible and therefore what element of greed we have that we are exercising this and when a company does not have a license to do something and you choose to go there; I think it is an issue we need to contend with”, Ken Ofori-Atta added.

Be on your guard – Nana Addo warns soldiers against Ponzi schemes

Meanwhile, President Akufo-Addo in his interaction with the soldiers at Burma Camp also advised them to make good investment decisions to forestall the reoccurrence of the Menzgold incident.

“In every society and economy, there are returns on money which are considered as normal and reasonable within a given society or economy. People come and offer returns that are extraordinary. I am pleading with you, be on your guard. I would love to have 15 percent on my small money every month but it is not realistic. So the plea I am making is whenever you hear schemes that say they are in to give you money that is extraordinary in its returns; you have to be careful about its patronage”.

53 Soldiers sue Menzgold over locked up investments

Early this year, 53 military personnel sued Menzgold Ghana Limited at the high court for failing to pay back investments totalling GHc 2.5 million.

The personnel; from the army, airforce and navy, are asking the court to order a refund of their money.

The soldiers' investment ranged between GHC18, 000 and GHc 244,000.

The soldiers who invested above 24,000 were expecting interest returns of 10 percent.

They described themselves as hardworking men and women saying they had invested their “sweat and tears” in the defendant’s company.

They said they were worried that their hard-earned money from what they termed as “sleepless treks and peacekeeping missions” was what they had invested in Menzgold.

–citinewsroom