The Coalition of Aggrieved Customers of Menzgold (CACM) has once again called on government to take immediate and compassionate action to address the plight of thousands of Ghanaians whose funds remain locked up following the collapse of the gold dealership firm seven years ago.
In a statement issued on September 12, the group reminded President John Dramani Mahama and the Attorney General of their promise to appoint a receiver to oversee the retrieval of locked-up investments.
They urged government to make provisions in the 2026 national budget for a bailout package to alleviate the suffering of victims.
According to the statement, the collapse of Menzgold has not only led to financial ruin for hundreds of thousands of customers but has also resulted in the loss of over 240 lives, with some reportedly committing suicide due to despair.
Many others are said to be battling severe illnesses linked to the stress and trauma of losing their investments.
The coalition also lamented the slow pace of the ongoing criminal trial, describing it as “moving at a snail’s pace,” despite earlier assurances of a speedy process.
They appealed to the Chief Justice and the courts to ensure the trial continues on a daily basis so justice can be delivered within a reasonable time.
CACM further acknowledged the efforts of the President in engaging stakeholders, including his meeting with ministers and appointees on July 29, 2025, but stressed that more decisive action was needed to resolve the crisis.
“As customers, we are looking forward for the appointment of a Receiver as promised by the President and respectfully urge the President to be very bold and deliberate to meet our request for a financial bailout on compassionate grounds in the next budget,” the statement read.
The statement was signed by Fred Forson, Chairman and Convener of CACM, and Godfred Ofori, Secretary.
Menzgold Ghana Limited, owned by Nana Appiah Mensah, popularly known as NAM1, began operations as a gold dealership and investment firm. The company attracted thousands of customers with promises of high returns on gold collectibles.
In 2018, however, the Securities and Exchange Commission (SEC) ordered the company to shut down its operations, citing regulatory breaches. This triggered a financial crisis as customers were unable to retrieve their investments.
The collapse has since become one of Ghana’s biggest financial scandals, with billions of cedis locked up.
Despite repeated assurances, customers say justice has been slow and government intervention inadequate, leading to continuous protests, petitions, and appeals for a bailout.
Source: Starrfm.com.gh
