Don’t use our tax manoey to pay customers of Menzgold

Some Ghanaians have expressed support for the government’s decision not to use tax payers’ money to settle customers of gold dealership, Menzgold Ghana Limited whose investments are locked up with the company.

In separate interviews with the Ghanaian Times in Accra on Friday, they said the aggrieved customers were in the situation due to their “greed” and, therefore did not merit the government’s sympathy.

A civil servant, Ibrahim Muniru Kobilla said “government should not use a pesewa of my tax to compensate the greed of people who did not heed to the several warnings of the Bank of Ghana, not to invest in Menzgold.”

Mustapha Jimah, an administrative officer of the Netherlands Embassy in Accra noted that, the customers did not share their profit with anyone, adding that “why should we suffer with them.”

For Kelvin Maclean, a banker, said about 85 per cent of the customers had received dividends, far more than what they had earlier invested and should, therefore, not be shown any mercy.

“The 15 per cent left out cannot be compensated comparatively looking at the ratio of the monies the company  has paid out is even more than the 15 per cent of those that did not earn at all,” he explained.

Enoch Ansah, a Chartered Accountant /Tax Consultant was of the view that government must not compensate the customers because BoG and Securities and Exchange Commission (SEC) announced that the activities of the company were unregulated.

Paa Kwesi an accountant threatened to boycott national elections if the government paid the customers as this could throw the national purse out of gear.

The owner of the company, Nana Appiah Mensah, popularly known as NAM1 and other directors have been declared wanted for allegedly defrauding their customers.

The company promised to pay its customers high returns on gold they traded on behalf of the customers but reneged on its promise.

The aggrieved customers, who did not heed to advice from the Bank of Ghana that the company was unlicensed, have since protested in Accra and Kumasi.

They have presented petitions to the Presidency and Parliament for their intervention with the hopes of getting their money back as some victims of financial scam in the Brong Ahafo Region, a few years ago.

But their hopes were dashed last week when the government made it clear that it would not use tax payer’s money to settle them.

It said it would only ensure the case was investigated and owner and directors of the company brought to book and advised customers to pursue legal redress to retrieve their monies.


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