The whole of Ghana is buzzing with news of ‘MenzGold’, victims and non-victims alike have opinion on the issue and everyone seems to want their opinion heard.
There is a certain level of curiousness attached to human nature and the need for information. This is a compilation of some facts and an objective overview on these issues and a clear prediction of the future for all parties concerned.
The Menzgold Lies
Menzgold is a Ghanaian registered company under the Ghana’s 1963 Company Act (Act 179) and has been operating since October 2014, though their website states that they have been in operation for a year; this is their first lie.
The company deals in the purchase, sale and export of stored gold, silver and other precious stones. The company outlines a number of services ranging from gold investment to mining pre-financing on their website and other advertising portfolios. The company is alleged to have operated in Kasoa between 2010-2014 under a different name ‘Menzbanc’ and had duped a large number of market women in that area and gotten away with it. The Bank of Ghana (BoG) herein referred to as BoG had intervened and made threats, however no records of an investigation or conclusive outcome was made, Also, it is alleged that the owner of Menzbanc, Mr Nana Appiah Mensah, popularly known as ‘NAM1’ was arrested but released later on.
These unstable grounds were the beginning of the lifeline of Menzbanc and MenzGold-Ghana which was a rebranded and revitalized version of the previous Menzbanc. It made Menzbanc its umbrella name and redirected its attention to gold dealership. All our national regulators watched unconcerned!
Till today, the Menzgold websites purports to being affiliated to a ‘Switzerland Gold Bank’; this said bank has on a number occasions denied such an alliance through emails with investigative journalists and their signed statement hence forcing Menzgold officials to retract such claims on social media but they have not had the courtesy to do same for their official website. This is their second lie.
Menzgold has on numerous occasions stated that it is not a financial institution in response to allegation from the Bank of Ghana. A casual skim through the activities of any financial institution and that of Menzgold shows some precise similarities. If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck. This is their third lie.
In an expensive campaign Menzgold communicated its separate character by insisting it does not accept deposits hence it is not a financial institution or accountable to the BoG.
Sadly, before the BoG warning in 2017, Menzgold had accepted deposits from numerous customers whose names are withheld at the moment. In response to the call by BoG on their deposit collecting breach, Menzgold craftily set up a new subsidiary company called Brew Marketing Consult Ltd to accept deposits in the name of purchasing gold items. (I will discuss the Brew Marketing Consult in detail in another article). This was yet another crafty lie and way around the law. The speed at which Brew Consult Ltd was licensed is a matter for discussion another day.
Almost every bureaucratic process takes weeks and months in Ghana yet Brew Marketing Ltd got the express treatment probably with the pushing of funds at the time of the supposed first warning by the BoG, there was clear evidence to support collection of deposits and grounds for sanctions and legal action, however our ever promising regulators felt a warning was enough.
This post was edited by iGhanaian Editors for correctness, however, all views expressed herein remain that of the author, Keera Akosua Nyansapor and are solely her. You can contact the author via firstname.lastname@example.org