7 Menzgold protestors to appear in court; more to be arrested


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The Ashanti Regional Police Command says seven persons arrested during a demonstration of aggrieved customers of troubled gold dealership company, Menzgold Ghana Limited, will be processed for court today, Wednesday.

The customers were arrested during the demonstration on Tuesday at the Amakom office of the company in the Ashanti Region where they burnt car tyres and blocked the Amakom road leading to Adum.

Their action was to protest their locked up investment and the supposed silence of President Akufo-Addo and Asantehene, Otumfuo Osei Tutu II in intervening in the matter.

But the police, whose order for a cancellation of the demonstration was defied by the demonstrators had to move in to disperse the about 50 angry demonstrators and clear the road block.

They also had to prevent the demonstrators from moving into the Manhyia Palace where the demonstrators wanted to present a letter of reminder to the Asantehene to respond to their earlier petition on the matter.

ASP Godwin Ahianyo, the Ashanti regional Police Public Relations Officer in a Citi Newsinterview said all other persons who participated or supported the demonstration will be arrested and put before court.

“We are doing everything possible and hopefully on Wednesday they will be sent to court. [They are] over one hundred if I am not mistaken, we are still picking them. We are not going to end now, we have some names, we have some telephone numbers. And we have people who are behind this demonstration. We will be inviting them, we will get them and we’ll also put them before court,” he said.

The customers have for the past six months, been demanding the payment of their principal investments after the gold dealership company was instructed by the Securities and Exchange Commission to halt their gold trading operations with the public.

So far government had not arrested the CEO or any official of the company, neither has an attempt being made to confiscate and sell his assets to pay customers.

Menzgold’s challenges

In 2018, Over two hundred customers of Menzgold besieged the premises of the company’s head office at Dzorwulu to demand payment of their locked up investments.

On December 19, some 100 retired and active Police Officers at the Kasoa Divisional Police Command in the Central Region also filed a writ at the Accra High Court against the company.

Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).

According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

This, the SEC said was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”

The company was however cleared to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”

Despite initial protests, Menzgold complied with the directive. It has however failed to fully pay its numerous aggrieved customers the value on their gold deposits as well as their entire investments.

By: Jonas Nyabor | citinewsroom.com | Ghana


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Jacob Asare

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