Democratic Credentials Network Ghana (DCN-GH) has noted with utter dismay and disappointment news report attributed to the Minister of Information, Hon. Oppong Nkrumah, to have been government’s response to the Ponzi scheme by Menzgold, a gold dealership firm under the leadership of Mr. Nana Appiah Mensah (NAM1).
The self-defense mounted by government through the minister is borne out of bad faith and an attempt to shield itself from being blamed for their role in the Ponzi scheme.
We consider the said statement by the government’s spokesperson very unsatisfactory because he has failed to tell Ghanaians the whole truth surrounding the troubling Menzgold scam.
We want to state unequivocally that government cannot absolve itself from the Menzgold crisis which led to millions of Ghanaians having their life time investments locked up with the now defunct Menzgold, a firm which has some of its top management executives supposedly linked to some powerful members of government.
For the records, we want government to clear the air on the following; So on what grounds was Menzgold, an organization government said is unregulated financial institution allowed to operate in the country? What prevented Bank of Ghana (BoG), who are the regulators of the banking system from halting operations of the firm after their self-acclaimed warnings failed?
Again, at what point did the Securities and Exchange Commission (SEC) felt it was imperative Menzgold shuts its vault market, which was the bone of contention? How come the accounts and assets of Menzgold was not frozen at the time it was detected to be an illegal entity but was allowed to take peoples monies out of the country? Can government explain to Ghanaians and Menzgold customers why they have now thought it wise to freeze the accounts of NAM-1? Does the embattled businessman, Nana Appiah Mensah operate foreign bank accounts? If yes, what steps is being taken by government to freeze those accounts no matter how late it might be? Why is government silent on the Board of Menzgold? Anyway, who are the Board of Directors of the company? What is the fate of other subscribers (owners) of Menzgold? Is government waiting for them (other directors) to also abscond before issuing bench warrant for their arrests?
Assuming without admitting that the Menzgold victims ignored Bank of Ghana’s warnings, does that limit government in any way from protecting the investments of its citizens?
The position taken by government is questionable. The truth is far from what the minister told Ghanaians and we cannot accept government’s position on this national security issue. They have to come clear because they have a lot of questions begging for answers.
As a policy think tank which believes in responsible governance and fair play, we believe government has the responsibility to; Provide economic security to its citizens, regulate every legitimate business in the country, provide the necessary legal regime to promote businesses that are contributing to the economy and the last but not least we believe that government has the responsibility to protect the investments of its citizens no matter what.
The entrenched position taken by government smacks of bad faith and question the president’s commitment to the defense of economic rights of Ghanaians as enshrined in the 1992 constitution.
Also, we want to put on record that the arrest of NAM-1 in Dubai and his possible extradition to Ghana is not an end in its self. Government is being economical with the whole truth surrounding Menzgold. Government’s posture in the whole saga is not helping anyone but rather muddling the situation and this should be a worry to Ghanaians and expatriates alike.
We are by this release calling on the President of the Republic, H.E Nana Addo Danquah Akufo Addo to show leadership and institute an independent investigative body to look into issues surrounding the Menzgold saga for the culprits to be brought to book to serve as deterrent to others and build the needed confidence in the financial architecture of our nation, Ghana.
Dr. Victor Abdul-Satarh Quarshie Adonoo
(EXECUTIVE DIRECTOR, DCN-GH)