President Nana Addo Dankwa Akufo-Addo has called on Ghanaians to take the lessons accompanied by the Menzgold saga for the future.

Speaking on the matter for the first time as he addressed Parliament at his third State of the Nation Address, President Akufo-Addo who said little about recouping the monies lost however assured the public and aggrieved customers that individuals found to have engaged in any form of criminality in the Menzgold saga will be punished in accordance with the laws of the country.

Menzgold is reported to have a client base of about 60,000, all of which were promised between 7% to 10% returns on special gold collectibles bought and deposited with the company.

A warrant was issued for the arrest of the CEO, Nana Appah Mensah, who is also standing trial in Dubai for similar gold transaction business in the country.

The scheme ran for at least four years until the Securities and Exchange Commission (SEC) in September 2018 ordered the gold dealership firm to halt its operations.

Customers of the company have since hit the streets several times in a bid to get the President to intervene on the matter.

President Akufo-Addo who assured customers of bringing the individuals behind the scheme to book noted that a regulator in the financial services sector has been established to screen the activities of investment schemes in the country.

He stated: “As the authorities try to unravel the intricacies of what happened, I admonish all Ghanaians to learn the necessary lessons for the future even as state institutions work to bring a resolution to the matter and those who are seen to have indulged in criminal activity are brought to justice”.

The president said the “tragic phenomenon that appears to have occurred in plain sight” has “affected a lot of people in spite of warnings from official institutions”.