{"id":1986,"date":"2019-01-14T16:31:28","date_gmt":"2019-01-14T16:31:28","guid":{"rendered":"https:\/\/www.aptnewsghana.com\/?p=1986"},"modified":"2019-01-14T17:13:47","modified_gmt":"2019-01-14T17:13:47","slug":"government-handling-of-menzgold-saga-downright-incompetent","status":"publish","type":"post","link":"https:\/\/www.aptnewsghana.com\/index.php\/2019\/01\/14\/government-handling-of-menzgold-saga-downright-incompetent\/","title":{"rendered":"Government handling of Menzgold saga \u2018downright incompetent\u2019"},"content":{"rendered":"\n<p>Government  has been slammed over its handling of an unregulated investment company  that has left thousands desperate to retrieve locked up cash. Security  analyst Dr. Kwesi Aning weighing in on the Menzgold saga said the  handling was \u201cdownright incompetent\u201d and \u201cextremely ineffective.\u201d<\/p>\n\n\n\n<p>The communication from government and state agencies he said was faulty.<\/p>\n\n\n\n<p>\u201cThe\n narrative around such people is that oh well, we don\u2019t care. You people\n are very greedy,\u201d Dr. Kwesi Aning called this wrong in an interview on \nJoy FM\u2019s Super Morning Show Monday.<\/p>\n\n\n\n<p>He said the state should not have dismissed the frustrations of anxious clients even though it had.<\/p>\n\n\n\n<p>The\n security expert was referring to the Bank of Ghana which issued the \npublic several times against transacting business with the company that \npromised 7%-10% monthly returns.<\/p>\n\n\n\n<p>The\n Finance Minister also said clients at Menzgold were motivated by greed \nas he ruled out a government bail-out for the affected customers of the \nunlicensed venture.<\/p>\n\n\n\n<p>Clients\n of Menzgold have also been ridiculed on social media with wide sections\n of society blaming them for falling for a Ponzi scheme despite \nwarnings.<\/p>\n\n\n\n<figure><iframe allowfullscreen=\"\" src=\"https:\/\/www.youtube.com\/embed\/xBKgMizGeKk\"><\/iframe><\/figure>\n\n\n\n<p>Dr.\n Aning said beyond warning the public not to do business with Menzgold, \nthe state if it was a functional one still had a responsibility to \nensure that \u201ccriminal enterprises are not successful.\u201d<\/p>\n\n\n\n<p>He\n said the state failed to check the background of Nana Appiah Mensah, \nhis teamwork and the \u201cnetwork that supported the con game.\u201d<\/p>\n\n\n\n<p>\u201cIf\n official institutions failed\u2026and you are now blaming me an ordinary \nperson then \u2026it releases anger, disaffection and pain\u201d, he said and drew\n attention to the number of clients with Menzgold reportedly around \n60,000.\u201d<\/p>\n\n\n\n<p>\u201cDismissiveness can be dangerous,\u201d he chastised.<\/p>\n\n\n\n<p>The\n Menzgold business module had gone on for at least four years until the \nSecurities and Exchange Commission ordered a shut down last September.<\/p>\n\n\n\n<p>Since\n then, clients have been agitating for the release of their monies as \nMenzgold became increasingly unresponsive to their concerns.<\/p>\n\n\n\n<p>The Chief Executive Nana Appiah Mensah, the state says, has absconded after he was granted self-recognisance bail.<\/p>\n\n\n\n<p>There is an international manhunt for the 34-year-old businessman.<\/p>\n\n\n\n<p>Dr. Aning also raised concerns about the communication surrounding his escape.&nbsp;He said the communication and explanation surrounding his escape raises concerns about possible collusions.<\/p>\n\n\n\n<p>The\n CID has said it had never arrested Nana Appiah Mensah while Burean of \nNational Investigations is said to have arrested him and granted him \nbail.<\/p>\n\n\n\n<p>His arrest was not publicly known until news of his getaway became public.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.graphic.com.gh\/images\/2018\/aug\/8\/menzgold_dzorwulu_small.jpg\" alt=\"Image result for menzgold dzorwulu\"\/><\/figure>\n\n\n\n<p><strong>Menzgold branch in&nbsp;Dzorwulu<\/strong><\/p>\n\n\n\n<p>The\n Security analyst wants to know how Nana Appiah Mensah managed to get \nout of the country without notifying the security agencies as \nself-recognisance bail requires.<\/p>\n\n\n\n<p>\u201cIt is crucial that people should not come back and wriggle out of their failures\u201d, the&nbsp;Director at the Faculty of Academic Affairs &amp; Research, Kofi Annan International Peacekeeping Training Centre&nbsp;said.<\/p>\n\n\n\n<p>Dr. Aning said once again, the Menzgold saga betrays a worrying culture of unresponsive institutions.<\/p>\n\n\n\n<p>\u201cWhen all your lives saving are lost and those who stole your money are enjoying and those who can help you are dismissive.\u201d<\/p>\n\n\n\n<p>He\n pointed to the failure of authorities of Kumasi-based public university\n KNUST to address students concerns until a violent protest resulted in a\n shutdown.<\/p>\n\n\n\n<p>In another example, he pointed to an outbreak of violence after a student was knocked down on the busy Adentan highway. <\/p>\n\n\n\n<p>Residents\n had for weeks prior complained about the lack of footbridge over the \ndeadly highway but their complaints fell on deaf ears until an eruption \nof violence compelled the state to act.<\/p>\n\n\n\n<p>\u201cWhen people get angry and live is not worth living, others will capitalise on that anger and turn it into something else. \u201c<\/p>\n\n\n\n<p>&nbsp;\u201cWe don\u2019t seem to be learning our lesson,\u201d the security analyst believes.<\/p>\n\n\n\n<p>He\n said government communication should have aimed at how to assuage the \nhurt, fears and pain of the affected customers after it failed to \nprotect their interest.<\/p>\n\n\n\n<p>\u201cThere is a dangerous development in this country when institutions woefully fail to act\u2026.they use unnecessary English words.\u201d<\/p>\n\n\n\n<p>credit: <a href=\"https:\/\/www.myjoyonline.com\/news\/2019\/January-14th\/govt-handling-of-menzgold-saga-downright-incompetent.php\">myjoyonline.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>Government has been slammed over its handling of an unregulated investment company that has left thousands desperate to retrieve locked up cash. Security analyst Dr. <a class=\"mh-excerpt-more\" href=\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/01\/14\/government-handling-of-menzgold-saga-downright-incompetent\/\" title=\"Government handling of Menzgold saga \u2018downright incompetent\u2019\">[&#8230;]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1987,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8],"tags":[412,294,293],"class_list":["post-1986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-dr-anning","tag-menzgold","tag-sec"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - 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