The Finance Minister Ken Ofori – Atta, has stated that government will not pay customer of gold dealership company, Menzgold their locked up investment.
Describing the situation as disturbing, Mr. ofori Atta disclosed that the company has lots of customers from reputable state institutions such as the Ministry of Finance, Bank of Ghana and the military.
“As I look at the Ministry of Finance and I see some people who are at the Ministry of Finance who have invested there, I look at the Bank of Ghana and I see some people who have invested there, and of course the military etc [who have invested there].”
He said such people invested their monies in Menzgold at their own peril.
Speaking at a ceremony to celebrate the 20th anniversary of the Securities and Exchange Commission, SEC, on Wednesday, Mr. Ofori-Atta said the customers of Menzgold were driven by greed since the returns on investment promised by the company was unrealistic.
“As we try to clean up the financial services center, I know the SEC has come down hard, strong and justifiably on Menzgold. But the issue with a company of Menzgold…it’s become an issue of greed as a people and our own behaviour, when we are so clear as educated as we might be that when we went there, there was no license.”
“I think it is not in the place of government to fund or get your money back for you. It was an obvious trap that you went into. Maybe we as an industry should also push the whole issue of education and empowerment so that people do not fall prey to that,” he added.