The Coalition of Aggrieved Customers of Menzgold is urging the government to take action and arrest Nana Appiah Mensah, also known as NAM1, the Chief Executive Officer of the now-defunct Menzgold Ghana Limited. Their demand comes after NAM1 released a document claiming that the company had completed the transaction validation exercise and promised traders access to check their validated transaction status and receive payment dates.
In response, the group’s spokesperson, Fredrick Forson, expressed their strong suspicion of NAM1’s intentions, referring to the document as “the language of scammers.” He urged members not to engage with NAM1 on any payment terms and to be cautious of his alleged fraudulent activities.
The background of the issue goes back to 2018 when the Securities and Exchange Commission (SEC) ordered Menzgold to halt its gold trading operations with the public. The SEC found that Menzgold had been accepting deposits for gold collectibles from the public and offering guaranteed returns without a valid license, which was in violation of relevant regulations.
Menzgold customers have long expressed their dissatisfaction with the government’s response and the delay in prosecuting NAM1. The coalition is now calling for decisive action to address their grievances and hold those responsible accountable.