Speaker Alban Sumana Kingsford Bagbin has hinted that he intends to set up a five-member Committee to investigate a petition by the aggrieved customers of Menzgold and report to the House for consideration.

According to the Speaker, the petition which has now gone through the right procedures of the House to become a motion, would be admitted before the House goes on recess and later set up a Committee to consider the concerns of the aggrieved customers and debate the report when the House comes back from recess.

The Speaker made these known when aggrieved customers of Menzgold paid a courtesy call on him.

Mr. Fred Forson, who is one of the Leaders of the group narrated the difficult situations the affected members are going through and how it has resulted into 210 deaths in recent times. He pleaded with the Speaker to work expeditiously on the motion.

The Member of Parliament for South Dayi, Hon. Rockson Nelson Kwame Etse Dafeamekpor, who submitted the motion to the Speaker, acknowledged the challenges being faced by the motion because the matter is before court but pleaded with the Speaker that it is only the criminal case which is before the court therefore the Speaker can admit the motion for the House to consider the report of the Committee.

The group expressed their gratitude to the Speaker and prayed that their concerns would be addressed and brought to finality soon.

Menzgold

Menzgold attracted a significant number of investors by offering high returns on their investments in gold trading.

The controversy erupted when regulatory authorities in Ghana, including the Bank of Ghana and the Securities and Exchange Commission (SEC), raised concerns about the company's operations and the legality of its investment model. The SEC ordered Menzgold to stop accepting new deposits and halted its trading operations in September 2018. The Bank of Ghana had also previously issued warnings about the company's unlicensed operations.

Despite these warnings and regulatory actions, Menzgold continued to operate and attract investments. Many people, including celebrities and individuals from various walks of life, invested their money in the company, hoping to earn high returns on their investments.

As the controversy escalated, Nana Appiah Mensah faced legal troubles, including issues related to the company's operations and allegations of money laundering. In January 2019, he was arrested in Dubai on unrelated charges. It took several months for him to return to Ghana after legal proceedings in both countries.

The Menzgold controversy led to protests and demonstrations by investors who were unable to access their funds. Many individuals claimed to have lost substantial amounts of money.

In a statement dated July 29, Menzgold announced its successful completion of the transaction validation process assuring to soon reimburse its customers.