Customers flatly reject payment plan proposed by Menzgold

The woes of the embattled gold collectibles firm appear to be far from over with the turn of events which has led customers to reportedly reject a proposed 15 percent initial payment on their principal.

Board of the gold dealership proposed the 15 percent payment during a meeting with customers and other key stakeholders of the company over the weekend at Zylofon Cash Office in Accra.

According to a report sighted by on, some nine interest groups and investors of Menzgold, attended the said meeting to discuss pertinent issues and come out with solutions. The meeting is said to have started around 4:15pm and ended at about 6:35pm.

It was was chaired by Nana Offei, Corporate Affairs Manager of the gold firm, who was in the company of Shadrack Fordjour, Marketing Manager and Clive Ofosuhene, IT Manager. “In deep consultations with the Board, operations and management, the company has decided to give 15% initial payment to all customers who wish to terminate their contract,” Mr. Offei was quoted to have said during the meeting.

Among many other things that were discussed, the proposed 15 percent principal payment was to be paid by 9th November, 2018.

However, the proposal was said to have been flatly rejected by about 80 percent of the customers of the firm who were apparently gutted by the way in which the company was handling their investments.
Leaders of the various stakeholder groups that took part in the meeting reportedly attempted to negotiate for 20 percent to 25 percent payment but their suggestion was not fruitful.

In a press release, the company said it was going to launch a new collectibles trading product that would make it possible for existing transactions to be migrated onto that platform for immediate and prompt extra value and principal payments.

It would be recalled that the Securities Exchange Commission (SEC) in September 2018 ordered Menzgold Ghana Limited to suspend its gold trading operations with the public.

The directive, according to SEC, was based on the ‘fact’ that Menzgold had been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients without a valid licence from the Commission.

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