Gold Firm Menzgold has said it has commenced efforts to pay premiums of all customers in the next three months.
The firm has however scrapped the payment of dividends as was the situation until its impasse with regulator the Securities and Exchange Commission.
Menzgold in a statement Monday said it will begin the payment of the staggered premiums today Tuesday October 9, following an agreement with customers and other stakeholders.
“Menzgold Ghana limited noting that the principal concerns of its customers is for the return of their primary value of gold traded with company, has agreed and proposes to pay and return to every customer the full value of gold traded, in 90 days commencing Tuesday October 9,” the company said in a statement.
The company also noted it will not be able to pay 50% of premiums at once as suggested by some stakeholders instead it will come up with a convenient payment plan that will help them clear the arrears within three months as promised.