Customers to sue Menzgold for breach of contract - Lawyer

The lawyer for some customers of Menzgold, Amanda Clinton says she has started filing individual lawsuits for breach of contract against the embattled gold dealership firm.

According to her, Menzgold offered lucrative interest rates which they have been unable to fulfil to convince their customers to sign onto their products.

She said her clients are determined to retrieve the all the monies they invested with Menzgold.

"Our next line of action is we have already started filing in the High Courts for individuals but we are not claiming fraud, we are actually claiming breach of contract because the Menzgold agreement was individual," Madam Clinton said in an interview on Joy FM.

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She added: "Every time somebody paid money they signed an agreement. Was very generous towards the investor because they wanted the investor to sign, you know, so it's quite simply a breach of contract and they want their money back basically.

"Once we get judgement for that in terms of the different clients in whichever and however way... We are definitely gonna claw back and try and get as much money as possible".

No BoG intervention

Meanwhile, the Second Deputy Governor of BoG, Mrs Elsie Awadzi, has reiterated that the Central Bank will not intervene in the impasse between Menzgold and its customers.

“We don’t even have the power to intervene; we didn’t regulate it, there is no way we are going to do anything. We don’t have anything to do with Menzgold unfortunately,” she said in an interview on Joy FM.

She said the Bank of Ghana “has been very clear for a long while about the fact this was an unlicensed operation.”