It has emerged that top clients of Menzgold Ghana include top military and police officers as well as senior bankers, former executive chairman of the Minerals Commission has revealed.
Dr. Tony Aubynn has urged government to tread cautiously in its dealings with the gold dealership company, warning that should the company go down, there will be a national disaster.
“I tell you if caution is not taken, we are going to have a national funeral”, he revealed in an interview with Joy News and monitored by BestNewsGH.com.
Dr. Aubynn continued “Maybe the biggest funeral will happen in my hometown Tarkwa,” and explained that virtually all rentrenched workers in mining companies in the area have investments at Menzgold.
Dr. Tony Aubynn who is the President of the Africa Institute for Extractive Industries (AIEI) said he knows an official who has a 500,000cedis investment with Menzgold.
The business module of the company involves clients buying gold collectibles and depositing them for a guaranteed return between 7% to 12% every month.
He said happenings at Menzgold have serious implications for Ghana’s financial system.
The company’s brawl with the Securities and Exchange Commission (SEC)
last Wednesday triggered panic withdrawals, with over 200 clients rushing to the company’s East Legon office concerned about the security of their investments.