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General News of Friday, 11 January 2019


Ignore Menzgold customers – Concerned Ghanaians tell government

One of the concerned people who have lauded government's decision play videoOne of the concerned people who have lauded government's decision

The alleged disappearance of Chief Executive Officer of troubled gold-trading firm Menzgold, has left many Ghanaians convinced that it will be extremely difficult for clients to retrieve their locked up investments.

Aggrieved customers have on many occasions pleaded with government to intervene and help them retrieve their monies.

But on January 10, 2019 the Akufo-Addo government issued a statement in which it specifically declared its stance on the brouhaha.

According to the government, inasmuch as it sympathises with the customers, under no circumstance will tax payers’ money be used to repay their locked up funds.

“…While the government sympathizes with customers on the difficulties encountered in their transaction with the company, the State cannot and will not resort to the use of taxpayers’ monies to refund customers monies."

“The government wishes to inform the general public that the security agencies, having received reports from customers that they believe they have been defrauded by false pretences, shall employ all the powers of the State to find the accused persons, investigate the allegations, and ensure that the law takes its course in this matter,” part of the statement reads.

Seeking the opinion of a section of the public on what they make of government’s response to the Menzgold customers demand for support, can confirm that the belief that government may bail out the aggrieved customers is gradually becoming an illusion.

A section of Ghanaians who expressed their views, applauded government for taking the bold decision against demands to use tax payers’ money to bail out some “greedy persons”.

They insist, there are quite a number of developmental deficits that need government’s attention, therefore, there is no need helping Menzgold customers.

The investors were also questioned on whether they shared the earlier interests they claimed with government.

Others remain astounded by the increasingly fickle Ghanaian society, particularly with regards to how people have quickly switched from being ‘loyal Menzgolders’ who protested against government when a caution was released somewhere in 2016.

With the murky appearance of the situation, some people who spoke to this reporter off camera, remain optimistic about the return of Nana Appiah Mensah to settle scores with his customers.


Menzgold has been struggling to pay its over 60,000 customers after it was asked to halt its gold vault market operations by the Securities and Exchange Commission (SEC) over regulatory deficits.

It was gathered in November 2018, that ‘normalcy’ had returned to Menzgold, with the company said to have completely paid off about 30 percent of its clients.

But the reality has been that the company is unable to pay its customers who are now apparently turning their frustrations on government for their own “stubbornness”.

Some of the aggrieved customers have been accusing President Akufo-Addo, former President Kufuor, the Asantehene, Otumfuo Osei Tutu II, and even some celebrities for their predicaments. They claim that the pictures of Nana Appiah with these important personalities gave the impression that he was doing a legitimate business.

Public Relations Officer of gold dealership firm, Menzgold confirmed earlier in the week that its Chief Executive Officer, Nana Appiah Mensah popularly known as NAM 1 is not in Ghana.

Nii Armah Amarteyfio revealed that his boss left the country in September due to security reasons but did not abscond as it is being alleged.