{"id":585278,"date":"2019-01-13T15:43:35","date_gmt":"2019-01-13T15:43:35","guid":{"rendered":"
\n\t\t\n

Kojo Oppong Nkrumah<\/strong><\/p>\n\n\n\n

The ruling New Patriotic Party (NPP) has parried\nan attempt by the opposition National Democratic Congress (NDC) to link\nPresident Akufo-Addo and some top government officials to the Menzgold "},"modified":"2019-01-13T15:43:35","modified_gmt":"2019-01-13T15:43:35","slug":"govt-fires-ndc-over-menzgold","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/01\/13\/govt-fires-ndc-over-menzgold\/","title":{"rendered":"Gov’t Fires NDC Over Menzgold"},"content":{"rendered":"

<\/p>\n

\n

Kojo Oppong Nkrumah<\/strong><\/p>\n

The ruling New Patriotic Party (NPP) has parried
\nan attempt by the opposition National Democratic Congress (NDC) to link
\nPresident Akufo-Addo and some top government officials to the Menzgold Ghana
\nLimited scandal that is unraveling.<\/p>\n

In a statement issued yesterday in Accra, the
\nInformation Ministry said: \u201cOn no occasion has President Akufo-Addo endorsed
\nthe operations of Menzgold or its directors. Government has also not aided the
\noperations of the company, as is being bandied about by officials and members
\nof the National Democratic Congress (NDC).\u201d <\/p>\n

It said the NDC was making shameful attempts to
\ntake advantage of the pain and loss of victims, which smacked of political
\ndesperation. <\/p>\n

\u201cIndeed, suggestions that all public figures who
\nhave been sighted in photographs with officials of the company are complicit in
\nthe company\u2019s dealings are laughable, and underline the insensitivity of such
\npolitical actors to the ongoing situation.\u201d<\/p>\n

The opposition NDC has been trying in recent times
\nto link government to the beleaguered Menzgold business, but it has come out to
\ndebunk such claims. <\/p>\n

\u201cIt cannot be said that traditional, religious,
\nentertainment, business and political figures, who took photographs with
\nofficials of the company are complicit in their operations and the alleged
\nfraud perpetuated on customers. Such suggestions reduce the serious misfortune
\nof customers to cheap ridicule and are distasteful.\u201d <\/p>\n

Nervousness<\/strong><\/p>\n

\u201cAttempts by leading members of the opposition NDC
\nto claim that the company commenced its operations in 2017 and thus, the
\ncurrent administration ought to be blamed for the misfortune only expose the
\ndesperation of the opposition party. <\/p>\n

\u201cMenzGold, for the records, began its operations
\nas far back as 2013 in the era of President John Dramani Mahama.\u201d<\/p>\n

It said Menzgold was not licensed by the Bank of Ghana
\n(BoG) or Securities and Exchange Commission (SEC) and its operations were not
\nregulated by the two. <\/p>\n

\u201cHowever, such warning was made as far back as April
\n2016, and unfortunately was disregarded by many customers of Menzgold. <\/p>\n

Education<\/strong><\/p>\n

\u201cIn the case of banks and specialized deposit taking
\ninstitutions, as well as asset management companies licensed and regulated by
\nBOG and SEC, the regulators had the legal mandate to intervene in their matters
\nin accordance with law. <\/p>\n

DKM, for example, was licensed by BoG, the reason
\nwhy it helped retrieve and restore the monies of depositors. Menzgold was,
\nhowever, registered and also operated as a trading company.\u201d<\/p>\n

Go To
\nCourt<\/strong><\/p>\n

The Ministry disclosed that customers whose
\ncontractual obligations had not been met by the company are entitled to seek legal
\nremedy to retrieve their funds paid to the company
\nostensibly to invest and buy gold. <\/p>\n

\u201cSome customers have exercised that legal mandate
\nand have either filed writs in the courts to retrieve their monies or reported
\nthe company and its directors to the security agencies on the suspicion of defrauding
\nby false pretenses.\u201d <\/p>\n

\u201cThe Ghana Police Service has subsequently issued an
\narrest warrant pursuant to such reports, and has, accordingly, informed
\nInterpol to assist in the search for and arrest of Nana Appiah Mensah and two
\nothers to help in police investigations. We encourage aggrieved customers to join
\nsuch actions.\u201d<\/p>\n

Nana
\nAddo\u2019s picture with NAM1<\/strong><\/p>\n

\u201cIt must also be put on record that President
\nAkufo-Addo has never endorsed the company, its officials or its operations. Indeed,
\nthe President has never posted any tweet on his official Twitter handle
\nexpressing his admiration for the \u201csuccess story\u201d of Nana Appiah Mensah. It\u2019s
\nalso important to debunk the NDC\u2019s use of a photograph taken at Jubilee House
\nwhere Nana Appiah Mensah is seen. <\/p>\n

\u201cIn that photograph, officials of the GFA and CAF,
\nincluding its President, Ahmad Ahmad, paid a courtesy call on President
\nAkufo-Addo on 25th<\/sup> April, 2018, a day before the University of
\nProfessional Studies, Accra (UPSA), was to confer an honorary doctorate degree
\non the CAF President. The then GFA President, Kwesi Nyantakyi, invited Nana
\nAppiah Mensah to that meeting because his company, Zylofon, on the 21st<\/sup>
\nof April, 2018, four days before the meeting, had signaled its intention to
\nsponsor the Ghana Premier League. <\/p>\n

\u201cThe President never had a one-on-one meeting with
\nNana Appiah Mensah as the NDC would want Ghanaians to believe. Again, the company
\nand its officials have never<\/strong> been
\npart of any government delegation accompanying the President on any
\npresidential visit. Speculations that the company acquired 85% of its clients
\nin the last 24 months are also an obviously cheap attempt to link government to
\na very unfortunate situation.<\/p>\n

\u201cIt must be put on record that the regulators of
\nGhana\u2019s financial services sector, namely the BoG and the SEC had, on numerous
\noccasions over the years, warned customers of Menzgold to desist from investing
\nmonies in the company, as it was not a licensed deposit or asset management
\ncompany. <\/p>\n

In all of such instances, the company and some of
\nits customers, responded with explanations that they were not in the business
\nof deposit or asset taking, but were rather a gold trading firm. <\/p>\n

State
\nnot responsible<\/strong><\/p>\n

\u201cWhile government sympathizes with customers on the difficulties encountered in their transactions with Menzgold, the state cannot and will not resort to the use of taxpayer\u2019s monies to refund monies of customers,\u201d the Ministry added.<\/p>\n

BY Samuel Boadi <\/strong><\/p>\n<\/p><\/div>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Kojo Oppong Nkrumah The ruling New Patriotic Party (NPP) has parried an attempt by the opposition National Democratic Congress (NDC) to link President Akufo-Addo and some top government officials to the Menzgold Ghana Limited scandal that is unraveling. In a statement issued yesterday in Accra, the Information Ministry said: \u201cOn no occasion has President Akufo-Addo […]<\/p>\n","protected":false},"author":1,"featured_media":585279,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-585278","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"yoast_head":"\nGov't Fires NDC Over Menzgold - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/01\/13\/govt-fires-ndc-over-menzgold\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Gov't Fires NDC Over Menzgold - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Kojo Oppong Nkrumah The ruling New Patriotic Party (NPP) has parried an attempt by the opposition National Democratic Congress (NDC) to link President Akufo-Addo and some top government officials to the Menzgold Ghana Limited scandal that is unraveling. 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