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Menzgold to pay customers beginning today

Customers of embattled gold dealership firm, Menzgold Ltd. are to receive payment towards their locked up funds starting today, Friday, December 27, 2019.

The company scheduled the date after several months of agitation by customers across the country.

But the Vice-Chairman of the Coalition of Menzgold Customers Isaac Nyarko in an interview said even though payment schedule is beginning today, they are unaware of where they should go for their money.

“We’ve not received any official communication as to where customers should go and take their money and as to the exact time and the number of people they intend paying. We believe this whole thing is deceit and not really anything to be able to really measure as to who has collected his or her money.”

Menzgold has announced it intends to pay all locked up investment of its customers within three years.

In a much-awaited payment schedule, the company said customers who did not receive any interest on their investment from the start of contract will be the first to be paid beginning Friday, December 27.

Below are details of a statement by Menzgold

Menzgold Payment Schedule and Formula Following our broad consultation regarding model(s) of payment and formula, coupled with our commitment to bring finality to this pending subject, we are privileged to announce the following:

  1. Payments shall be made strictly following a “reverse mechanism”, which implies from the last day (month) of our business operations to the very first day when our business commenced. Thus; from 12th September 2018 to 18th March 2013. To this end, we shall start to settle all transactions in September 2018 and those who didn’t access any extra values, as we proceed in the first above described mode and manner.
  1. Payments start on Friday, 27th December 2019 with funds at hand now, as we proceed to go recover the debt owed Menzgold overseas, especially in Dubai and Europe to come reinforce as payments sessions continue.
  1. As of today, Menzgold assets remain frozen; implying that we cannot access any of our offices nationwide, credit or debit any bank account in Ghana. In view of these constraints, our lawyers shall agree with claimants upon invitation, as to where and how to legally receive payment.
  1. Claims shall be settled in full and shall be subject to an invitation from our legal team; Kwame Akuffo & Co. Unlimited, strictly following the below indicated scheduled hierarchical order, all to be settled within 36 months starting from December 2019;


0% extra value received First to be paid

10% extra values received

Next in line 20% extra values received

Following 30% extra values received

Following 40% extra values received

Following 50% extra values received

Following 60% extra values received

Following 70% extra values received

Following 80% extra values received

Following 90% extra values received

Following 100% extra values received

Following Over 100% extra values received Following

5. We shall endeavor to commit not more than thirty six (36) months to settle all claims, as we follow strictly the “reverse payment mechanism”, in our firm resolve to amicably and peaceful reverse all transactions or contracts as formed, to achieve cordial co-existence and harmony.

6. We seek your kind cooperation to ensure the integrity of this commendable exercise is preserved and smoothly sustained, just so it does not get unreasonably interrupted and its eventual abortion. We wish to say a big thank you to all the good people of Ghana, our cherished customers and our dedicated staff for their unwavering belief in the Menzgold brand during those turbulent times. We believe that beyond these fleeting sea waves lie prosperity and economic freedom.

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