Government “cannot and will not” use taxpayer’s money to pay Menzgold clients – Kojo Oppong Nkrumah

Government in a statement has restated its position that it “cannot and will not” use taxpayers’ money to pay persons who have lost their funds to the embattled gold dealership firm, Menzgold Ghana Limited.

It added that, it has taken note of the recent agitations, demonstrations and media complaints by aggrieved customers after the company failed to honour its contractual obligations.

Even Though the government expresses empathy, it has stated firmly that it cannot help in these circumstances.

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“While government sympathizes with customers on the difficulties encountered in their transaction with the company, the state cannot and will not resort to the use of taxpayer’s monies to refund customers monies,” a statement signed by Information Minister, Kojo Oppong Nkrumah, Thursday read.

Government has rather advised that they rather seek out legal redress because the company does not fall within a framework which will allow government to intervene and refund the monies.

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The statement clarified that, Menzgold is neither a Bank of Ghana nor Securities and Exchange Commission-regulated entity as such government cannot intervene as it did in the case of the banking sector.

“In the case of Menzgold, it operated as a trading company and falls outside the scope of the regulators’ intervention,” the statement said.

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