Ghana: NDC Blames Akufo-Addo for Menzgold Saga

17 January 2019

THE National Democratic Congress (NDC) has blamed the government of President Nana Addo Dankwa Akufo-Addo for the woes of Menzgold customers.

According to the party, the many acts of endorsement and advertisement of Menzgold and its Chief Executive Officer (CEO) Nana Appiah Mensah popularly known as NAM1 by the government would be linked to the predicaments of the customers.

The National Communications Officer of NDC, Sammy Gyamfi said this at the second edition of its press conference dubbed 'Moments of Truth' held at the party's headquarters in Accra yesterday.

According to Mr. Gyamfi, the open endorsement of NAM1 and Menzgold by the government enhanced the credibility and legitimacy of the company in the eyes of the public and encouraged many people to invest with the company even after the Bank of Ghana had cautioned against its activities.

He said though state institutions like the Bank of Ghana (BoG), Minerals Commission, Precious Minerals Marketing Company (PMMC) and Securities Exchange Commission (SEC) continued investigations into the illegal deposit-taking and capital market activities of Menzgold, government endorsed and promoted its activities.

With what he claimed were pictorial and video evidences, Mr Gyamfi indicated that the Akufo-Addo led adiminstration acknowledged and honoured NAM1 and his businesses as genuine ventures.

He said on August 26, the Entrepreneurs Foundation of Ghana and its Ghana Business Quality Awards organised under the auspices of the Ministry of Finance bestowed on Menzgold a quality Business award.

According to him, at the eighth Ghana Entrepreneurs and Corporate Executive Awards organised by EFG in April 28, 2018 in collaboration with the Ministry of Trade and Industry and Ministry of Business Development, awarded NAM1 as the best Business Executive for 2017.

"These activities lured and wooed unsuspecting Ghanaians to invest with Menzgold," he insisted.

He however questioned the closure of Menzgold asking "how did this government close down the activities of Menzgold and how has it managed the aftermath thereof?"

Mr. Gyamfi also wondered if government tracked the accounts and assets of the company, its directors and shareholders both locally and internationally to decide on how to retrieve the investments of the customers.

He again questioned the investigations of Economic and Organised Crime Office (EOCO) since the activities of Menzgold began adding that, "We submit EOCO only acted after the NAM1 horses if not elephants had left the stable."

He said the stance of government on the matter was "irresponsible, insensitive and unconscionable," adding that various accounts from various state actors have been inconsistent and contradictory.

He pledged the NDC's support for the customers saying, " We wish to register our profound sympathies to the victims in these hard times and wish to comfort and assure them of our unwavering support towards the struggle to ensure that the government retrieve and restore their losses".

Mr. Gyamfi said government has the constitutional duty to protect the citizens and safeguard their interests including their economic rights at all times.

He therefore urged government to take steps and ensure that Menzgold customers were paid their monies.

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