Some Menzgold customers

Gold dealership firm, Menzgold Ghana Limited, has explained why the defunct firm has started validating its customers as a part of efforts to pay their locked-up investments.

Director of Communications of Menzgold, Nii Armah Amarteifio, said the validation had become necessary in order to bring finality to the issue.

ALSO: ‘Coup plotters’ lawyer allege his private conversations are recorded

He said the one-month-long validation process will involve the authentication of clients’ documents.

According to Mr Amarteifio, the customers are expected to submit photocopies of their Gold Trading Agreement, receipt of gold traded/purchased, their gold trading commission receipt, a copy of a valid national identity and evidence of gold re-trade (s) as well as receipts or agreements for the validation process.

ALSO: Fabewoso: Data Protection Commission revokes Bysystem license

“We realised that so many people keep saying that they have their cash locked up in the firm and so the validation will help us to determine that indeed such a person is a Menzgold customer. There are other documents we will need and validation will help us,” he told Accra based Okay FM, monitored by

The embattled company has not been able to pay its thousands of clients’ extra values and principals since August 2018 after the Securities and Exchange Commission shut it down over regulatory infractions.

ALSO: Lawyer for Kasoa cop killer demands psychiatric evaluation for client

The company said the validation of documents would begin from 9 a.m. to 4 p.m. each working day and end on November 28, 2019.

Below is the list of outlets for the validation exercise:


a) Osu – Opposite Osu Police Station, behind Glory Oil Filling Station.

b) Dansoman – After Dansoman Roundabout, Bechem Bus stop.

c) Odorkor – Opposite Anointed Electricals Company.

d) Mile 7 – Adjacent ECOBANK.

e) Madina – Madina-Tamale Lorry Station.

f) Awoshie – Opposite Victory Bible Church.


a) Kasoa – Opposite Walantu Junction, after Justap Clinic.


a) Adum – Adjacent Melcom.

b) Bremang – Behind Bremang Park, adjacent Church of Christ.


a) Bogoso – Adjacent Multi Credit.

Listen to audio above:

Source:|Dorcas Abedu-Kennedy