Government\n has moved in to explain a viral photograph that shows President Addo \nDankwa Akufo-Addo in a warm handshake with the embattled Chief Executive\n of Menzgold, Nana Appiah Mensah.<\/p>\n\n\n\n
The\n photograph has been cited by a section of the Ghanaian public as proof \nthat the Presidency endorsed the controversial business activities of Mr\n Mensah (popular known as NAM 1) who is currently declared a wanted man.<\/p>\n\n\n\n
An arrest warrant has been issued by a court for NAM 1, his wife and sister after the investment firm failed to pay investors\u2019 capital and dividends.<\/p>\n\n\n\n
In a statement on the saga,\n Information Minister, Kojo Oppong Nkrumah said, contrary to assertions \nthat the President endorsed the operations of Menzgold and NAM 1, he \nnever did any such thing.<\/p>\n\n\n\n
\u201cIndeed, the President has \nNEVER posted any tweet on his official Twitter handle expressing his \nadmiration for the “success story” of Nana Appiah Mensah. It is also \nimportant to debunk the [oppostion National Democratic Congress[ NDC’s \nuse of a photograph taken at Jubilee House, where Nana Appiah Mensah is \nseen.,\u201d the Minister stated.<\/p>\n\n\n\n
He explained further that, \n\u201cIn that photograph, officials of the GFA and CAF, including its \nPresident, Ahmad Ahmad, paid a courtesy call on President Akufo-Addo on \n25th April 2018, a day before the University of Professional Studies, \nAccra (UPSA), was to confer an honorary doctorate degree on the CAF \nPresident. The then GFA President, Kwesi Nyantekyi, invited Nana Appiah \nMensah to that meeting because his company, Zylofon, on the 21st of \nApril, 2018, 4 days before the meeting, had signalled its intention to \nsponsor the Ghana Premier League. The President NEVER had a one-on-one \nmeeting with Nana Appiah Mensah as the NDC would want Ghanaians to \nbelieve. Again, the company and its officials have NEVER been part of \nany government delegation accompanying the President on any presidential\n visit. Speculations that the company acquired 85% of its clients in the\n last 24 months are also an obviously cheap attempt to link the \ngovernment to a very unfortunate situation.\u201d<\/p>\n\n\n\n
The\n government also said it cannot and will not use the tax payer\u2019s money \nto settle the aggrieved customers whose funds are locked up with the \nfirm.<\/p>\n\n\n\n
The statement issued on Thursday explained that although government sympathises with customers of Menzgold,\n the Bank of Ghana (BoG) and the Securities and Exchange Commission \n(SEC) are not \u201cclothed with any legal mandate\u201d to refund monies to \nclients.<\/p>\n\n\n\n
Read the full statement below.<\/p>\n\n\n\n
GOVERNMENT’S POSITION ON THE <\/strong>MENZGOLD<\/strong> SAGA<\/strong><\/p>\n\n\n\n Government\n has taken note of recent agitations, demonstrations and media \ncomplaints by some aggrieved customers of MenzGold, after the company \nfailed to meet its contractual obligations to them.<\/p>\n\n\n\n It\n must be put on record that the regulators of our nation’s financial \nservices sector, namely the Bank of Ghana (BoG) and the Securities and \nExchanges Commission (SEC) had, on numerous occasions over the years, \nwarned customers of MenzGold to desist from investing monies in the \ncompany, as it was not a licensed deposit or asset management company. \nIn all of these instances, the company and, indeed, some of its \ncustomers, responded with explanations that they were not in the \nbusiness of deposit or asset taking, but were rather a gold trading \nfirm.<\/p>\n\n\n\n The\n aftermath of this has seen the company reneging on its contractual \nobligations to its customers, resulting in demonstrations by its \ncustomers. Indeed, some customers have called on government to refund \ntheir gold or expected profits to them. Others have also called on \ngovernment to, on its own, arrest the directors and operators of the \ncompany, and compel them to refund customers gold or deposits to them.<\/p>\n\n\n\n Government seeks to draw the attention of the general public and, in particular, Menzgold customers to the following:<\/p>\n\n\n\n 1.\n Menzgold was not licensed by BoG or SEC and its operations were not \nregulated by BoG or SEC. This warning was made as far back as April \n2016, and, unfortunately, was disregarded by many customers of MenzGold.\n BoG and SEC are, therefore, not clothed with any legal mandate to \nrefund monies to clients.<\/p>\n\n\n\n In\n the case of banks and specialized deposit taking institutions, as well \nas asset management companies licensed and regulated by BOG and SEC, \nowing to the fact that these companies were regulated by BoG and SEC, \nthe regulators are clothed with the legal mandate to intervene in their \nmatters, in accordance with law. DKM, for example, was licensed by the \nBoG, the reason for which it stepped in to help retrieve the monies of \ndepositors. In the case of Menzgold, it operated as a trading company \nand falls outside the scope of the regulators’ intervention;<\/p>\n\n\n\n 2.\n Customers whose contractual obligations have not been met by the \ncompany are entitled to seek legal remedy to retrieve their funds paid \nto the company ostensibly to buy gold. Indeed, some customers have \nexercised that legal mandate, and have either filed writs in the courts \nto retrieve their monies or reported the company and its directors to \nthe security agencies on the suspicion of “Defrauding by False \nPretenses”. The Ghana Police service has, subsequently, issued an arrest\n warrant pursuant to these reports, and has, accordingly, informed \nInterpol to assist in the search for and arrest of Nana Appiah Mensah \nand two others to help in police investigations. We encourage aggrieved \ncustomers to join such actions;<\/p>\n\n\n\n 3.\n On no occasion has President Akufo-Addo endorsed the operations of \nMenzgold or its directors. Government has also not aided the operations \nof the company, as is being bandied about by officials and members of \nthe National Democratic Congress (NDC). Attempts by the NDC to take \nadvantage of the pain and loss of victims is shameful, appalling, and \nsmacks of political desperation. Indeed, suggestions that all public \nfigures who have been sighted in photos with officials of the company \nare complicit in the company’s dealings are laughable, and underline the\n insensitivity of such political actors to the ongoing situation. It \ncannot be said that traditional, religious, entertainment, business and \npolitical figures who took photographs with officials of the company are\n complicit in their operations and the alleged fraud perpetuated on \ncustomers.<\/p>\n\n\n\n Such\n suggestions reduce the serious misfortune of customers to cheap \nridicule and are distasteful. Additionally, attempts by leading members \nof the opposition NDC to claim that the company commenced its operations\n in 2017 and, thus, the current administration ought to be blamed for \nthe misfortune only exposes the desperation of the opposition party. \nMenzGold, for the records, begun its operations as far back as 2013.<\/p>\n\n\n\n 4.\n It must also be put on record that President Akufo-Addo has never \nendorsed the company, its officials nor its operations. Indeed, the \nPresident has NEVER posted any tweet on his official Twitter handle \nexpressing his admiration for the “success story” of Nana Appiah Mensah.\n It is also important to debunk the NDC’s use of a photograph taken at \nJubilee House, where Nana Appiah Mensah is seen. In that photograph, \nofficials of the GFA and CAF, including its President, Ahmad Ahmad, paid\n a courtesy call on President Akufo-Addo on 25th April, 2018, a day \nbefore the University of Professional Studies, Accra (UPSA), was to \nconfer an honorary doctorate degree on the CAF President. The then GFA \nPresident, Kwesi Nyantekyi, invited Nana Appiah Mensah to that meeting \nbecause his company, Zylofon, on the 21st of April, 2018, 4 days before \nthe meeting, had signaled its intention to sponsor the Ghana Premier \nLeague. The President NEVER had a one-on-one meeting with Nana Appiah \nMensah as the NDC would want Ghanaians to believe. Again, the company \nand its officials have NEVER been part of any government delegation \naccompanying the President on any presidential visit. Speculations that \nthe company acquired 85% of its clients in the last 24 months are also \nan obviously cheap attempt to link government to a very unfortunate \nsituation;<\/p>\n\n\n\n 5.\n While government sympathizes with customers on the difficulties \nencountered in their transaction with the company, the State cannot and \nwill not resort to theuse of taxpayer’s monies to refund customers \nmonies.<\/p>\n\n\n\n 6.\n Government wishes to inform the general public that the security \nagencies, having received reports from customers that they believe they \nhave been defrauded by false pretenses, shall employ all the powers of \nthe State to find the accused persons, investigate the allegations, and \nensure that the law takes it course in this matter. END<\/p>\n\n\n\n Kojo Oppong Nkrumah (MP)<\/p>\n\n\n\n Minister<\/p>\n\n\n\n Credit: myjoyonline.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"