Menzgold Ghana becomes the next financial institution to receive financial support from the state.
The President of the republic, Nana Akufo Addo made this revelation in his Founders Day speech.
According to the president, Menzgold is just like the many financial institutions that received support from the government after Bank of Ghana noted their crisis.
“Though it trades in Gold, it’s also a financial institution like Capital Bank and the rest which have been supported with state funds. We will support them too”, Akufo Addo said.
The president added that, the collapse of the firm would be a big blow to the country as millions of citizens have invested with it.
“Collapsing it means hurting the citizens of the country. So cannot do that. We are supporting it with $6 million to ensure its sustainability” – Akufo Addo added.
The finance minister Ken Ofori Atta further explained that the support Menzgold is receiving from the government is an investment the country has made which would equally attract 10% interest.
Akufo Addo however did not mention the outcome of the meeting between Menzgold and SEC.