Finance Minister, Ken Ofori-Atta has hinted that the Bureau of National Investigations (BNI) will soon apprehend the President of Menzgold, Nana Appiah Mensah over the Menzgold saga.
Nana Appiah Mensah, popularly called NAM 1, who founded the gold firm to trade in gold collectibles by awarding 10 percent of interest to the company’s customers investing their golds in the firm.
The Bank of Ghana and the Security and Exchanges Commission (SEC) have warned Ghanaians not to trade with Menzgold, revealing that it is unlicensed and the business is shady which needs urgent attention of the regulators.
Recently, Nana Appiah Mensah in an interview with Zylofon FM, assured the customers that the company will protect and pay up their dividends.
He also asked the regulators to “correct” them as they are ready to cooperate with SEC to put things right.
Speaking in an exclusive interview with host Kwami Sefa Kayi on Peace FM’s “Kokrokoo” Friday morning on the 2019 Budget statement, Ken Ofori-Atta did not sapre customers of Menzgold saying they were spurred on by “greed”, therefore ignored all signs which pointed out that the gold firm transactions were ridiculous.
“Our own greed led us to it. If you take a critical look at the international gold prices which go up by 1 or 2 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.
To him, the customers should have known better and with a little hesitation would have saved their monies.
However, all hope is not yet lost as the Finance Minister disclosed that they will ensure Nana Appiah Mensah “grabbed” faces prosecution.
“The last time I checked, he had a certain plane and is off to Italy but we'll make sure we grab him. So, the National Security is working on it”.
Source: Ameyaw Adu Gyamfi/Peacefmonline.com/Ghana
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I nearly joined Menzgold but for God. So I don't really understand why people are throwing insults at the Finance Minister for saving others including me. How many of these ranting rants smelt that Nana Appiah Mensah was defrauding innocent people. In one breath these same ranting rats are accusing the Minister for sitting down unconcerned for other financial institutions to collapse and in another breath, they start insulting the Minister to cause NAM1's arrest. A common question I've come across this platform is "which bank or investment outfit can pay 10 percent monthly dividends." Sometimes use your thinking cup on.
which bank or investment outfit can pay 10 percent monthly dividends. Instead of working hard we always want cheap money. We then turn and blame politicians for our greed. there is no free lunch anywhere.
There is serious financial appreciation deficit in this country and must be tacked held as soon as possible . Most of the comments I have read so far speak to this fact. It is pathetic.
After collapsing Menzgold, Ken Ofori Atta and his SUPER GREEDY NPP government are now planning to loot and share the property and investments of Nana Appiah Mensah and his Menzgold customers? Menzgold customers, please be on your guard!
He is a young man though very ambitious but let's appreciate his creativity and help him. Please let's give him another chance and guide him let's not destroy him.
Ken Ofori Atta is a joker. He is just creating fear and panic among MenzGold customers. The information he gave out is totally unnecessary because NAM1 has already flown out of the country. Secondly, BoG, SEC and government have failed to close down the Gold Vault because he has successfully launched his Global Market and has gone electronic with most of his customers. What Ofori Atta has done smacks of witch-hunting. He is frustrated, disappointed and embittered MenzGold is still in business and therefore his business must be destroyed at all cost. Shame on you!
The minister of finance. Has no right,all whatsoever he is greedy and worse finance minister.
You can see from the comments that greed is a disease. From first comment by the fake limitless opinion and the rest, they still want to justify this scam. I believe most of the people in support of MENZGOLD are those who have blindly invested there based on their greed hoping they will get their money. It will not happen and if you are not saved from your greed, YOU WILL DIE of it. WHAT IS NOT GOOD AND LEGAL, IS NOT.
i will just say that most Ghanaians enjoy the downfalls of their own everyday menzgold this menzgold that...... people calling investors greedy and all sorts of names.... even the most so called elite ones call investors greedy and shallow thinkers and telling Ghanaians that they did so at their own risk no civilised society will do this.... how many years have menzgold existed and still in existence and will remain in existence you are suppose to protect the public from any bad thing that enters the market and you failed to do your work if indeed menzgold is a scam there was no need for any notices if indeed u saw it be a scam....just move in and close it down.....how many years did u send out notices..... did investors stop...No! you don't care about human life in this country....if u do you would have arrested him before bringing out any notices to protect investors but what did you do...just all of sudden you came out.... Shut Down.....ahh.... u can't go to other civilised and well structured country and operate illegally for even a day....so why ghana i believe you do not have anything against the company menzgold that is why you are playing this game with Ghanaians and investors of menzgold if the ceo of menzgold is a fraudster, what is the reasonable thing to do......just arrest him even if he is not in this country....we all know through Interpol you can get him..... anyway Our hon. Ken ofori knows where he is now cos he said he is in Italy now (last time he heard)....that will even make Interpols work easier......instead, what are they doing using the media to bring the company down instead of doing the right thing now if indeed the menzgold guy is a fraudster.....then why have EOCO kept quiet without releasing any findings after inviting them over..and now we are hearing of BNI yoo, yate indeed if u want to arrest him.....you need to tell us the Ghanaian public and the investors of menzgold Why you are arresting him.....are you arresting him for just not having license to operate (we know he has challenged that in court) or defrauding his customers by not being able to pay them.... cos for over 5years the company has never defaulted in payments to his customers until you told him to shut down. or was the company not trading in gold? because in 2016 when the companys name was menzbanc The Precious Minerals Marketing Company (PMMC)’s 2016 – Third Party Gold Export records show that in 2016, the PMMC exported gold on behalf of an entity called “MenzBanc,” for 6 out of the 12 months. The total weight of gold so exported was 3,217.834 ounces, with MenzBanc earning US$3,943,022.41 (GH¢15,742,662.18). These exports were to Dubai, South Korea and Hong Kong, according to the records, and placed MenzBanc among one of the smallest exporters of gold through the PMMC. what at all has the CEO done.... even if he has no license to operate and is within the SECs law...there is a laid down procedures in that law to punish him...so why what is his crime? is he not exporting Gold? do you have prove that he is robbing Peter to pay paul? give the Ghanaian public something to hold on to..to believe that this guy is actually not doing what is saying he says is doing moreover, why are you people going ahead in giving judgment whiles the issue is in court why haven't you sued him instead i believe the court will give a very good judgement even if he is found guilty.....it doesn't matter if he went to court first... and with the 10% roi he is giving.....it seems not attainable due to the current price of gold internationally .....but what if he makes it? what if he is not only trading in in gold....does other (legit) things to help him pay that rate.... (opinion) 1 gram of gold now is around $39.37 or GHC189.76 and menzgold sells 7.75gram at GHC2000 ie a bit higher than international market international price for 7.75gram is 189.76 x 7.75 =GHC1470.64 with this simple calculations one can say that the 10% rate can not be realised note: (opinion) he can make the 10% if he actually buy and sells gold cos he would have gotten double money to spread....he has the investor money as well as the money from his exports ie GHc2000 and GHC1470.64 resp. so let say if u r taking 10% on ur investment GHc2000 it will be Ghc200 and he is trading so if he does this over and over...can't he pay..... whilst investing in other areas too well this is just an opinion so again what is wrong if menzgold got it license from the minerals commission to buy and sell gold and then a buyer buys their gold and upon delivery the buyer tells menzgold to store his gold and trade with it for a period of time so he just take the extra values because menzgold can that for him?......does menzgold need another license for that? just come out clear with his crimes and let us know than using the media to cause fear and panic to menzgolds clients
NPP is the most intolerant party ever witnessed. First it was BoG which threatened MenzGold and took them to EOCO together with SEC. While investigations were ongoing EOCO pulled out of EOCO investigations, ordered MenzGold to close down and collapsed the the gold vault aspect of the company. Now, MenzGold takes the matter to court and before the court comes out with its ruling, Ken Ofori Atta has ordered BNI to arrest NAM1. Is this the democracy that the NPP promised Ghanaians? We live to see.