- MenzGold customers seek bailout from incoming gov't
- Investors face financial hardship after company's collapse
- Customers propose using frozen assets as bailout collateral
Customers of the collapsed MenzGold Ghana Limited are calling on President-elect John Dramani Mahama’s incoming administration to take immediate action and provide financial relief to help alleviate their dire financial situation.
Once a prominent player in Ghana’s financial sector, MenzGold shut down amid allegations of operating a Ponzi scheme, leaving thousands of investors stranded and unable to recover their funds. The company’s downfall has led to severe financial hardships for many, with the legal process dragging on with little to no resolution.
Fred Forson, convener of the aggrieved customers, spoke to Citi News, highlighting the urgency of the issue. He explained that many investors are now facing critical economic challenges, a result of the company’s collapse.
“We have high hopes and expectations that the incoming President will offer us some form of bailout as we await the conclusion of the NAM1 court case,” Forson said, expressing optimism for a solution under the new government.
Forson further suggested that the assets frozen by the state—such as real estate, vehicles, and other holdings—could be used as collateral to finance the proposed bailout. These assets, which are currently under state custody as part of ongoing investigations and court proceedings, have been a point of contention since the company’s downfall.
“We hope the government will take a practical approach by using these assets as collateral to provide financial relief to the victims,” Forson added, emphasizing that this would be a fair solution to help those who have been left in financial distress.
As legal proceedings continue, the victims of MenzGold’s collapse continue to wait for justice and hope for a resolution that will allow them to recover their investments.
