Angry Menzgold Customers Embark On A Nationwide Demonstration

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Some angry Menzgold Ghana Limited customers say, they will commence on a nationwide demonstration by the end of this month, to express their displeasure at the company’s failure to pay them the extra value on their investments as promised earlier.

According to the representative of a group calling itself ‘Aggrieved Menzgold Customers’, Timothy Binob, he said the date for the demonstration will be announced at a press conference to be held later this week.

Mr. Binob explained that the customers all over the country are expected to partake in the demonstration.

Speaking to Citi News, he also said customers are yet to receive any official communication from the company on what percentage of the total value of gold traded will be refunded to them.

The aggrieved customers have demanded a fifty percent refund within four weeks, but Menzgold says it may be able to pay only a portion of what is being demanded.

“It is a nationwide demonstration, and Tarkwa and Kumasi will all be part. So we are liaising with them and all of them will also come with their buses. We will convey a press conference very soon maybe at the end of this week so we announce the date of the demonstration.”

“We have been promised by the firm and for several times they have not fulfilled their promises. They gave us a four week period to come on out with a percentage they will be paying, but none of the customers have received anything. No customer has received any money; not even a single one.”

The company has also said, customers who wish to terminate their investment transaction with them will receive a full payment of their investment in 90 days if the ongoing misunderstanding with statutory institutions is resolved.

This was made known in a statement signed by the Communications Director of Menzgold, Nii Amarh Amarteifio. The statement was part of an agreement reached with a section of its customers at a meeting held in Accra.

Meanwhile, a customer of Menzgold has already sued the firm for breach of contract and misrepresentation.

The customer said to be a Reverend Minister is demanding the payment of his accrued interest and GHC 24,000 principal investments which he allegedly deposited with Menzgold on April 20, 2018.
Rev. Joseph Appiah Odei in his writ said he deposited 12 pounds of gold estimated at Ghc24,000 for 12 months and paid a non-refundable commission of Ghc1,200 to Menzgold.

He’s the first aggrieved Menzgold customer to take such an action, although several others have demonstrated and only threatened to sue.

Members of the group have disclosed that some well-known individuals and institutions in the country who are customers of Menzgold are not speaking up due to the fear of stigmatization.

In an interview with Citi News monitored by Prime News Ghana earlier this month, three bold customers who agreed to share their experiences with the company said they know certain high profile people in society who have their monies locked up with Menzgold but cannot agitate or speak up for fear of being ridiculed and criticized.

Some people including a Member of Parliament also branded Menzgold customers as lazy people who did not want to do any hard work this was said in the past by one aggrieved customer.

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