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A mob of angry customers of the controversial gold dealer – Menzgold Ghana, are calling for the head of the Finance Minister, Ken Ofori-Atta, for referring to them as greedy for investing huge sums in Menzgold.
In a recent interview with Accra-based Peace FM, the Finance described customers of Menzgold as being driven by greed. “Our own greed led us to it. If you take a critical look at the international gold prices which go up by one or two percent a year and somebody says he will give you 10% and it’s also unlicensed; it’s difficult to understand. But it’s not only illiterate people who invested but the elite too, people from the Bank of Ghana, Ministry of Finance and the police among others. Sometimes, you wonder how all these many Christians in the country would make such decisions to invest their money in this shoddy business,” he stated.
Obviously, this statement constitutes a massive slap on the face of the placard-bearing mob that mounted a spirited protest in front of the Kumasi office of Menzgold where police service stationed to maintain calm prevented them from causing serious mayhem.
Recently, the Bank of Ghana (BOG), the Securities and Exchange Commission (SEC) and several government officials described the gold dealership business of Menzgold as a scam. However, some of the protestors who spoke on camera said they were convinced about the legitimacy of the Menzgold investment module because important personalities such as Otumfuo Osie Tutu II of the Ashantis, President Akufo-Addo and several renowned business people had been seen frolicking with Nana Appiah Mensah, the CEO of Menzgold.
The angry customers, whose huge investments have been locked up at Menzgold, argue that if Nana Appiah Mensah, also known as NAM 1, was a scammer, he should not have been seen in several business interactions with those prominent people in the country. In fact, several investors claim the perceived cordial relations of NAM 1 with bigshots in the country convinced them to invest their hard-earned funds with Menzgold.
Indeed, Menzgold took up a sponsorship deal for Ghana’s local football league. It has also set up several media outlets, including record labels for musicians and creative artists.
Menzgold is estimated to have close to 1.8 million customers across Ghana. Most of the customers have investments running into hundreds of thousands and millions of Ghana cedis. These investments have been locked up following a clampdown on the operations of Menzgold by the government and regulators.
Menzgold typically sells what it calls ‘gold collectibles’ to customers and gives them the option to invest the value for interests of up to 10 per cent monthly. Menzgold has been operating for almost six years now. According to customers, the company has not defaulted on interest payments on their investments for that whole period of operation until the new government administration and regulators stepped in.
Whatsup News gathered that Menzgold has been a financier of the political elite, particularly in the ruling New Patriotic Party (NPP). Some of the faceless individuals are said to have pumped as much as GH¢7 billion as an investment in Menzgold’s business.
The embattled gold trader insists that it had the requisite licence to undertake legitimate gold trading business and that it had operated the business hitch-free for over six years. The company says it only deals in selling direct gold collectibles to customers. It gives customers the option to either keep their gold bars or invest them for more interest.
Source: Whatsup News