Menzgold saga has national implications

The Menzgold saga is really taking a toll on the country, as our lead story demonstrates. An engagement with a few customers of the embattled gold-dealership company has seen them expressing the circumstances which led them into investing with the troubled company.

Some of the accounts are astonishing and stunning. We recall monitoring a radio programme that had a guest disc jockey (DJ) call in from London and state how Ghanaians brought down their pound Sterling currency, and changed it to invest with Menzgold; others secured loans from British banks only to lodge such monies with Menzgold, and this demonstrates that the anxiety extends to even Ghanaians in the diaspora – who are wondering what fate holds for them now that things are so murky.

A high-powered security team from the country was in the Emirates last week trying to secure custody of Nana Appiah Mensah, the Menzgold CEO, for him to come and face justice, but we are unclear whether that will manifest anytime soon as, apparently, he faces some legal issues there which need to be exhausted before there is any chance of him being brought down to face his clients who are initiating legal proceedings of their own.

The unfortunate death of undercover investigative journalist Ahmed Hussein-Suale, last week, has doused the interest Ghanaians had on the matter temporarily; but we are sure that it will not die a natural death since too many people have been affected by one of the biggest scams ever to occur in the country.

How the matter will be resolved is another matter, but one thing that appears to be evident is there are too many people in the country from all walks of life who were affected by this whole saga. It is becoming increasingly clear that investment advisors are really needed in our jurisdiction, because people have money but do not know how to invest it in and fall prey to all manner of Ponzi schemes which offer mouth-watering returns.

As one commentator stated, if care is not taken, we are in for a ‘national funeral’ – just to demonstrate the enormity of the problem at hand. This cannot be taken lightly, since we have witnessed how far the customers are prepared to go to retrieve their investments.

The whole issue requires tact, diplomacy and the heavy hand of justice to bring the matter to a closure.

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