Pyrite was among the first group of minerals whose name stuck with me throughout my study of Geology at the University and beyond. It stuck because of its field name known to most Geology students; FOOLS GOLD. The name, FOOLS GOLD, speaks for itself.
A sulphide mineral with striking superficial semblance to Gold used normally to deceive and or dupe unsuspecting traders of gold. Many years after I left the Gold Exploration industry, on a sunny Friday afternoon, travelling back home on the Accra-Tema Motorway, I spotted a huge MenzGold signboard and instinctively, Fools Gold raced back to my memory and I smiled.
Little did I know that even after the DKM and God is Love scam, that shook the foundations of a rather fragile economy, over a million Ghanaians will fall victim to another Ponzi scheme. My sympathies to the victims of MenzGold.
Intelligence gathered from the corridors of the Securities and Exchange Commission (SEC), indicates a strong urge from what is left of the administrative structure of MenzGold to publish the names and professional details of all its customers and the corresponding amounts of monies invested with MenzGold.
I have no clue what the intent and purpose of this move will be but I suspect the Ghanaian people will be shocked to know the names and Educational levels of victims of MenzGold. The names range from renowned Prophets of God, Presidential hopefuls of some major political parties, bankers, CEO’s of Private and State institutions, Members of Parliament, renowned Journalist, Business men and women, retired and active Military officers, Policemen, experienced Lawyers, Students, Contractors, Fetish Priest and many more. I’m still at a loss how these renowned Prophets, holders of masters and doctorate in Economics and Fetish priest could not tell the future of the MenzGold investments.
The list I understand will be serialized, published and circulated on Social Media platforms. Some of the victims, I suspect will have some explanations to do as to how they came by the huge sums of money to lodge at MenzGold in the first place.
EOCO might have to invite some public service workers to explain how they came by the huge sums of monies. GRA may also pitch in a case with revenue defaulters. Whichever way it turns out, it looks like double jeopardy for the victims of MenzGold. We are still in troubled waters, I must admit.
Should Government step in and pay the victims?
In as much as I share in the agony of the MenzGold victims, I do not subscribe to the call for the central Government to use the Tax Payers monies to pay off victims. Why do I say so?
1.I doubt if Government has the funds to pay off all the victims running into millions without throwing the already fragile economy into total disarray.
2.It was a courageous gamble that has hit a snag and in the most unlikely situation of Government paying the victims, I will go and stake Lotto, banker-to-banker and demand of Government to pay me my principal if I don’t win.
I only chanced on a few names but I understand the full list of MenzGold victims will shock the nation to the marrow. We need the list, because we cannot risk drivers of passenger buses or VIP personnel moving on our roads in agony and unstable states of mind.
We cannot afford to arm Policemen who may have lost their lifetime savings to MenzGold scam. There has been so many accidents lately and it’s about time we take a critical look at the frame of mind of our key service personnel before deploying them to duty. I need not remind you of the unfortunate case of mistaken identity that cost the nation and the people of Asawase 7 lives a few months ago. We need the list for closure.
God bless our homeland Ghana and grant strength to the victims of MenzGold even as they chase NAM1
Source: Michael Nana-Sasu/ Research Fellow/ Danquah Institute
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Menzgold logo says it all. Forget about pyrite or ***barred word*** gold. The logo clearly depicts pyramids as pointed out by no-9 on this platform.
@Kwaku. Your reasoning on the matter is interesting. It was a matter of time before Menzgold collapsed as is the case with any other Ponzi scheme. SEC did not prevent Menzgold from paying extra value to clients. They only asked them to stop taking deposits because it was in flagrant violation of their license scope(if they even had one). For a refresher , Ponzi schemes depend on constant supply of money from unsuspecting "investors" to function and as soon as there is a cut in supply the whole scheme comes crumbling down. That is exactly what happened in this instance! To answer your question 'what would have been the state of Menzgold now if SEC did not "interrupt"?'. This is the answer: The contagion would have spread wider and would have witnessed an even more spectacular collapse than we are witnessing now!
their logo is even ponzi pyramid.... what a joke
This Article is just to ridicule Menzgold clients, he doesn't seen any list and let's ask ourselves why will they publish any list? I don't have my pesewa there, will not enjoy in anybody's pain.
Your moda...
Is it the case that we enjoy and jubilate over already grieving people. What is the end goal and the motive to run down people and mock them. The least we can is to pray that they get their monies back to be ridiculing these customers is a no no no. Why are we blacks like this. The next time you trip and fall, expect people to be there to make merry and fun of you. QUESTION IS, DID MENZGOLD COLLAPSED OR IT WAS COLLAPSED. WHAT WOULD HAVE BEEN THE STATE OF THE COMPANY NOW IF THEY WERE NOT INTERRUPTED LIKE SEC DID. WHAT WOULD HAVE BEEN THE CASE IF INSTEAD OF SHUTTING IT DOWN, YOU HELP TO GROW THE DERIVATIVE MARKETS IN GHANA WHICH IS AN UNEXPLORED FINANCIAL INVESTMENT SECTOR. IN TRYING TO DEAL WITH UNLICENSED ENTITY, DID SEC TAKE THE RIGHT DECISION, NO AND A BIG NO. SEC OUGHT TO BE SENSITIVE KNOWING THERE ARE MILLIONS OF CLIENTS WITH THIS COMPANY. SEC SHOULD HAVE STEPPED IN WITH THE NECESSARY MACHINERY AND BE WITH MENZGOLD WHILES ENSURING THEY RETURN EVERY CEDI THEY HAVE TAKEN FROM INVESTORS. IF SEC HAD NO POWER TO ENSURE THEY PAY CUSTOMERS, WHY GET IN THE FIRST TO SAY YOU REGULATE. SHAME ON YOU GOVERNMENT
Well be as it may, your article seems to redicle thealready pained customers alledgedly duped by MENSGOLD fabricators. But your stand and posture leaves much to be desired and makes the NPP complicit in the "scam". Money may be lost but life still goes on yet perpetrators will have their fair share in this life and the "Lake of Fire". Thives!!! You cannot steal my VOTE in 2019 for sure!
According to the write up, SEC has already compromised the privacy of Menzgold customers by leaking confidential document to Danquah Institute. We are appalled by the behaviour of SEC and will not hesitate at all to sue both SEC and Danquah Institute if they dared to publish our names. It is clear that the NPP government, BoG and SEC do not have the interest of Menzgold customers at heart. They are only interested in ridiculing and causing deep pain on Menzgold customers.
Menzgold customers are going to sue who ever attempts to publish their names for breach of contract. The NPP government and its surrogates have described Menzgold customers as greedy and therefore their unwillingness to come their aid. They have allowed NAM1 to run away with our investments. And now what are they saying? That they are going to publish our names for their selfish aggrandizement? They should go ahead and we will meet them in court!