Nana Appiah Mensah and Chief Imam
Nana Appiah Mensah and Chief Imam

This is a continuation of The Menzgold Tale by Keera Akosua Nyansapor detailing some facts and details about the Menzgold saga in Ghana. Read the first part here > Brick mansions and 3 lies – The Menzgold Tale and the second part here > Brick mansions and a failed regulation – The Menzgold Tale and the third part here > Questions for an arrogant finance minister – The Menzgold Tale and the fourth part here > Shady people, endorsements and 3 lessons – The Menzgold Tale


I understand government cannot jump every time something goes wrong, nor can they defend every victim in such circumstances. However, it becomes alarming when the disaster is so far reaching and it is eroding the image of the country.

The government must respond in these circumstances to ensure it doesn’t perpetuate itself and continue the cycle of exploitation growing in the Ghanaian economy. It was heartwarming to read about a petition to the President by the lawyers of the victims, if the president was able to meet the said gentleman and offer his business legitimacy then the President owes it to the Ghanaians who looks up to him to step in and offer a calming voice and redirection.

There are three clear messages being sent to anybody willing to listen in the face of Menzgold saga and how it affects Ghanaians.
There are three clear messages being sent to anybody willing to listen in the face of Menzgold saga and how it affects Ghanaians.

Failure to do so will make it certain that the view of the finance minister is reflective of his own sentiment on the issue.

Now to balance the scales, I do admit it’s possible that this is all a gross misunderstanding. With no official statement to explain the full detail of these occurrences, most Ghanaians must scrap the corners to get information or even make sense of their circumstances. A clarity from our regulator is imperative at the moment. If indeed MenzGold is an honest business and has faulted, they should be rightly sanctioned and returned to their operations with a written apology from all state apparatus who maligned them and cast doubts in the minds of Ghanaians.

If indeed MenzGold operated for years without a license and no regulator spoke up till a tally of millions of dollars were invested, then our regulators have failed us. The process of licensing is to protect consumers and ensure that people with the requisite training can vouch that the processes of a business and its outcome are within reasonable caveat and as such people are free to do business with them.

Ghanaians are not greedy, they are simply trusting and vulnerable like people anywhere in the world. Government’s role in recovering the money from the persons involved is imperative. The paternalistic role of the government gives a statutory mandate for them to give the victims justice.

To the commentators who still insist that victims are to blame for their loss, my response is that, if your default solution is to blame persons for a loss do remember that’s the same rhetoric used to blame victims of rape and abuse. The victim reserves the right to redress even if their conduct accelerated or aided their abuse. The principle of justice lies in ensuring a balance of scales regardless of their limited input. Most victims in these circumstances are uniformed and gullible to flamboyant advertisements and unfair systems.

Also Menzgold has a contractual obligation with these people, all they know is that they must get their money back, the law is very specific on these things.

They were warned” and their conduct through “We stand with Menzgold” looked unattractive but it in no way exonerates the unfortunate conduct of some actors. Most people needed help, most people don’t understand business and possibilities and the intricacies of profit margins and investment outcomes hence at all times as a state we should be able to rely on the paternalistic nature of government to protect its people.

Some commentators have mentioned that the business operations of MenzGold is built around an individual and most assets are bought in his name using resources from the company. The idea of a separate legal personality and the corporate legal personality can be suspended if there is proof of fraudulent behaviour, the concealment principle and the evasion principle when proven will be enough to sink this evasive ship. If indeed there is fraudulent behaviour, we as a nation must turn every stone necessary to ensure justice is served and a new order of deterrence from exploitation is built.

In conclusion, there must be a way to make people accountable. The laws of Ghana must work, numerous people are on record for being in this predicament and this shows a demand for urgency. One must admit, the regulators might be sorting out the issues behind closed doors and preparing a legal and financial redress, however justice delayed is justice denied. I believe a year of speculation and a four months of probing is enough time to make arrests, freeze accounts and issue official statements on the processes of their investigation.

Keeping the public in suspense is making people stressed, belligerent and breeding pugnacious demeanour amongst victims. Blaming victims is unfortunate and incentive, I agree people make wrong decisions and choices and sometimes they get duped but under no circumstance should the law turn the other way and blame victims. The responsibility of the law is to bring balance and justice. This is an opportunity to revitalize the weakened faith of the populace in the judicial system. There are a lot of people in this situation and it is truly sad and unfortunate.

In as much as people were warned, these people should not have been allowed to operate in the first place. The government must ensure that it protects its people from all sorts of entrapment and extortion regardless of where it is coming from.


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 kwamejnracheampong@gmail.com


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