Court orders Menzgold to refund GH¢2.6m owed to 58 soldiers

Menzgold boss, Nana Appiah Mensah

The Accra High Court has ordered Menzgold Ghana Limited, a gold dealership firm to refund GH¢2,664,000 owed to some 58 soldiers.

The court, presided over by Justice Angelina Mensah-Homiah J. in a November 4, 2019 ruling, however, refused to enforce the contractual interest at the rate contained in the respective agreements between Menzgold and the respective plaintiffs because it had been found to be a Ponzi Scheme in a previous suit. 

The plaintiffs will instead be paid interest at the prevailing commercial bank rate from the date of judgement till date of final payment. 

The plaintiffs which include soldiers from the Ghana Navy, the Ghana Air Force and the Ghana Army per the writ of summons issued on December 12, 2018, had prayed the High Court to order a refund of their money.

The sums which are their principal investments with Menzgold ranged between GH¢18,000 and GH¢244,000. 

One of the plaintiffs told Graphic Online that Menzgold had been served with the judgement and he was awaiting a refund of his investment.


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