Business News of Wednesday, 21 November 2018
In light of the hue and cry by a section of the public whose monies have been locked up at the embattled gold trading firm Menzgold asking government to intervene with payments, Finance Minister Ken Ofori-Atta has disclosed that some officials from his outfit as well as the Central Bank invested with the company.
Justifying government’s clamping down of Menzgold, Mr. Ofori-Atta called for education of the public on Ponzi schemes.
He indicated that the predicament of the affected was as a result of their greediness.
“… I know the SEC has come down hard and strong and justifiably on Menzgold… as I even look at the Ministry of Finance and I see some people at the Ministry of Finance who have invested there, I look at the Bank of Ghana and I see some people at the Bank of Ghana who have invested there and of course the Military etc. So it becomes an issue of greed as a people and our own behavior when we are so clear; as educated as we might be that when we went there, there was no license, and we chose to them to do that”, he explained.
Government won’t support aggrieved depositors
He stressed that government was not going to pay the principal of the depositors since it was not in their place to do so; adding that it was an obvious trap which they chose to get into.
“… I think it is not in the place of government to fund or get your money back for you. It was an obvious trap that you went into, but maybe we as an industry push the whole issue of education and empowerment so that people do not fall prey to that”
The Finance Minister was speaking the Capital Market Conference organised by the Security Exchange Commission in celebration of their 20th anniversary themed – Ghana Beyond Aid: The role of the Capital Market.
Also present was the Senior Minister, Yaw Osafo Maafo who was the Special Guest of Honour.