Bono Regional Chairman of the New Patriotic Party (NPP) Kwame Baffoe known widely as Abronye DC has vowed to stop campaigning for the reelection bid of President Nana Addo Dankwa Akufo-Addo if he agrees to pay locked up funds of customers of defunct gold dealership firm, Menzgold.
“For me, if the NPP decides to pay customers of Menzgold, I will cease campaigning for the party," Mr Kwame Baffoe told Hello Fm in an interview.
He argues that the decision to invest in the company was solely a private business decision between Menzgold and individuals describing calls for government’s intervention as misplaced.
According to him, the hundreds of aggrieved customers must redirect the anger to the defunct company as the government played no role in the whole transaction.
“It is unlawful for any government to pay customers of the gold firm because it is an individual company and therefore the state cannot release funds to rescue it not even on the day of elections”, he stated.
The Securities and Exchange Commission (SEC) in 2018 asked Menzgold to suspend its gold trading operations with the public.
According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.
This, the SEC said was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”