The Vice President of the Republic,Dr Mahamudu Bawumia has stated that the government will not use taxpayers’ money to pay depositors whose investments have been locked up in the now-defunct Menzgold Company Limited.
Speaking on Techiman-based Link FM in the Bono East Region during his recent tour,Dr Bawumia said;
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“Menzgold is not a licensed financial institution. We are talking about licensed financial institutions but if you set up your 419 institution and the Bank of Ghana warned repeatedly that people should not do business with Menzgold because they were not a licensed financial institution, so, you can’t use taxpayers’ money to pay locked-up funds of an institution that is not a licensed financial institution”.
Meanwhile some aggrieved customers of MenzGold have threatened to vote against the NPP government if locked up monies are not paid to them.