Customers of the collapsed MenzGold Ghana Limited have urged the incoming administration of President-elect John Dramani Mahama to provide immediate financial relief to address their pressing challenges.
MenzGold, once a prominent player in Ghana’s financial sector, shut down amid allegations of operating a Ponzi scheme. Its collapse left thousands of investors stranded, unable to recover their funds, and many are now facing severe financial hardships as legal proceedings drag on.
Years of litigation against MenzGold CEO Nana Appiah Mensah, popularly known as NAM1, have yielded limited progress, deepening frustrations among affected customers.
Speaking to Citi News, Fred Forson, convener of the aggrieved customers, stressed the urgency of the situation. He noted that many investors have been plunged into dire economic conditions since the company’s collapse.
Forson appealed to the incoming government to consider implementing a bailout scheme to alleviate the financial burdens on victims while the legal process continues.
“We have higher expectations and are hopeful that the incoming President will offer us some form of bailout, even as we await the determination or conclusion of the NAM1 court case,” Forson remarked.
He further elaborated that the use of frozen assets owned by MenzGold as collateral for such a bailout could serve as a practical and fair solution.
The frozen assets of MenzGold, including real estate properties, vehicles, and other holdings, have been a contentious issue since the company’s collapse.
While these assets are currently under the custody of the state as part of ongoing investigations and court proceedings, customers believe they could serve as leverage for the proposed bailout.