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Reality Check: ‘The MenzGold Money Is Gone’

10 minutes ago | Headlines Reality Check: 'The MenzGold Money Is Gone' By Modern Ghana Nana Appiah Mensah

Risk Analyst, Dr. Theophilous Acheampong, has shattered the hopes of disgruntled Menzgold cleints seeking to get their huge monies invested back.

According to the analyst the Menzgold clients should settle down to the reality that their monies invested in what appears to be a Ponzi scheme is gone, a risk analyst has said.

He told Joy News’ Newsfile Saturday “I just cannot see for the life of me how they are going to get their monies back”.

Menzgold is reported to have a client base of about 60,000 all of them promised between 7% to 10% returns on special gold collectibles bought and deposited with the company.

The scheme run for at least four years finally came to an end after the Securities and Exchange Commission (SEC) ordered the flashy company to halt its unlicensed operations.

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Since the order last September, customers have endured no small frustration in getting the company and its socialite CEO Nana Appiah Mensah to refund their monies.

He is said to have absconded, although the company’s PRO has said he has travelled abroad to look for money to pay customers.

A warrant has been issued for his arrest whiles the police has said Interpol with presence in 194 countries will assist in apprehending the man wanted for defrauding by false pretence and money laundering.

Menzgold customers have expressed delight that the state is finally taking steps to get Nana Appiah Mensah to account for their monies.

Dr. Acheampong noted as far as refunding the monies is concerned it is “somewhat a lost cause”.

He said customers may file a class action suit on Menzgold to “see if they can recover some of their monies”.

The economic consultant joined the chorus in pointing out significant regulatory failures in watching on while the company amassed clients from bankers, top security officers, small scale miners, pensioners, entrenched workers and religious leaders.

Dr. Acheampong blamed the Registrar-General, the Bank of Ghana, the Securities and Exchange Commission for lack of proactiveness in the Menzgold unlicensed operation first brought to public attention in 2014.

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Photo: One of several notices by the Bank of Ghana warning against dealing with Menzgold

Before the collapse of Menzgold operations, the Bank of Ghana periodically issued warning to the public to desist from engaging with Menzgold.

But these warnings have been criticised as insufficient for a regulator who was aware that the company posed systemic risk to the financial sector.

He said Ghanaians have suffered as a result of weak consumer protection work regulators and pointed out in particular a less known office, t he Investigation and Consumer Reporting Office (ICRO) which is an office within the Banking Supervision Department (BSD).

The office “is the financial industry watchdog office of the Bank of Ghana (BOG), with responsibility for protecting consumers of financial products/services and educating them on their rights and responsibilities”, the website of the central bank states.

“I was just asking myself so where has this office been all this while?”

—MyJoyOnline

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