The government, in the statement said: “Menzgold was not licensed by BoG or SEC and its operations were not regulated by BoG or SEC. This warning was made as far back as April 2016, and, unfortunately, was disregarded by many customers of Menzgold. BoG and SEC are, therefore, not clothed with any legal mandate to refund monies to clients. DKM, for example, was licensed by the BoG, the reason for which it stepped in to help retrieve the monies of depositors. It continued that “while the government sympathises with customers on the difficulties encountered in their transaction with the company, the State cannot and will not resort to the use of taxpayers’ monies to refund customers monies.
Source: GhanaWeb January 11, 2019 00:11 UTC