Aggrieved customers of the defunct Menzgold investment company are calling on President Nana Addo Dankwa Akufo-Addo and Finance Minister Dr Mohammed Amin Adam to provide them with a bailout before the upcoming elections. They warn that failure to address their plight could result in a massive voter backlash against the ruling government.
Speaking to the media, Mr. Fred Forson, the convener for the Menzgold customers, emphasized the urgency of their demands. He argued that the government’s support for other sectors affected by financial crises demonstrates an unfair bias.
“We’ve seen this government provide GH¢1.5 billion to support fund management companies affected by the banking crisis. Meanwhile, we are only asking for GH¢200 million to help us recover some of our lost investments,” Mr. Forson lamented. “We need this money to get some relief, especially as Christmas approaches.”
Mr. Forson disclosed the devastating impact the Menzgold collapse has had on their members. “So far, 230 of our members have died due to stress and other complications caused by this crisis. Many others have had their lives ruined. If the government refuses to intervene, it shows a clear lack of empathy for its citizens.”
The group insists that they want concrete steps taken toward payment before the elections, threatening to use their votes as leverage if their demands are ignored. “If payments don’t begin, we will take it as proof that the government doesn’t care about us, and we will vote accordingly,” Mr. Forson stated firmly.
The Menzgold saga, which has left thousands of customers stranded with their investments, continues to be a significant political and social issue. The customers’ ultimatum adds further pressure on the government ahead of the highly anticipated general elections.
Again, frustrated customers of the collapsed Menzgold investment scheme have expressed their deep disappointment with Ghana’s Parliament, accusing lawmakers of failing to prioritize their concerns. The group laments that a motion filed on their behalf as far back as November 3, 2021, remains unaddressed, with no significant progress made toward resolving their grievances.
According to the aggrieved customers, the inaction of Parliament signals a lack of care for their plight. “Since 2021, we have been waiting for Parliament to act on the motion we filed, but to this day, nothing has been done. Are we not Ghanaians, too?” one customer questioned.
They criticized Parliament for showing urgency only when matters of political or financial interest arise. “We’ve seen Parliament hold emergency meetings to approve loans and other deals that benefit politicians. But when it comes to the Menzgold issue, which has affected the lives of thousands of citizens, there’s complete silence. It’s clear they care only about what benefits them personally,” the group said.
The group’s spokesperson, Mr. Fred Forson reiterated their dissatisfaction with both the executive and legislative arms of government. “It’s disheartening to see politicians ask us to vote for them when they’ve completely ignored our suffering. We trusted these institutions to protect us, but they’ve failed us.”
The customers urged Parliament to take immediate steps to address their demands, warning that continued neglect could influence their decisions in the upcoming elections. “We’re tired of being ignored. If Parliament continues to prioritize loans over our lives, they should not expect our support at the polls,” Mr. Forson added.
The Menzgold saga remains a painful chapter for many Ghanaians, with thousands of victims losing their life savings. The customers’ renewed criticism of Parliament highlights the urgent need for action to address this lingering national issue.
Mr. Stephen Aboakye, an organizer of the Aggressive Menzgold Customers group and a victim of the Menzgold saga, has recounted the devastating impact the company’s collapse has had on his life. Speaking about his ordeal, Mr. Aboakye revealed that he joined the fight for justice in 2018, the very year Menzgold shut down its operations.
According to him, his efforts to retrieve his investments turned tragic when a visit to the residence of Menzgold CEO Nana Appiah Mensah (popularly known as NAM 1) ended in chaos “We went to NAM 1’s house to demand our money. The police arrived to disperse us, and during the commotion, I fell on the road. That fall cost me my sight. I am now blind and unable to see,” he narrated with anguish.
Mr. Aboakye expressed frustration over the lack of support for victims like himself. He called on the government to intervene by providing a bailout to ease their suffering. Highlighting the urgency of the matter, he warned, “This is an election year. Without a bailout, we will advise ourselves at the polling station.”
Other victims have also appealed to President Akufo-Addo and his administration for assistance. Many of them are reportedly facing severe financial hardships and struggling to make ends meet. They emphasized that their investments were their life savings, and without government intervention, they may never recover from the losses.
The Menzgold crisis has left thousands of customers in despair, and the victims’ pleas underscore the need for swift and decisive action to address the fallout.
Story by: Mercy Addai Turkson
