Return of CEO of Menzgold, Nana Appiah Mensah

NEWS COMMENTARY ON THE ARRIVAL OF CHIEF EXECUTIVE OFFICER OF MENZGOLD NANA APPIAH MENSAH INTO THE COUNTRY.

The arrival of the Chief Executive Officer of Menzgold, Nana Appiah Mensah popularly referred to as MAM 1 to the country is indeed good for government agencies, such EOCO, BNI, the Police Criminal Investigation Department, Interpol, Bank of Ghana and the Securities and Exchange Commission which have for months been attempting to resolve the issues surrounding the Menzgold business. Customers as well are somewhat happy that the man at the centre of the Ponzi scheme is in town to aid in the repayment of their deposits. Unconfirmed reports say about sixteen thousand Ghanaians have their hard-earned money locked up with the gold dealership firm. Even though it is unclear how the case will travel and when depositors will receive their money estimated at ¢1.68 billion, his arrival in the jurisdiction is a positive sign.

The agencies involved in the case especially EOCO earlier this year issued a statement urging the public to help in the confiscation of property belonging to NAM 1 and his company. What was the outcome of that exercise? Liquidation of the company’s assets is in the right direction and now that NAM 1 is in town it is our prayer that he will assist the law enforcement agencies to locate the needed property that could be sold to pay customers their deposits. That is, if he is unable to provide cash to repay the depositors. NAM 1 spent about six months in police custody in Dubai following a criminal case brought against him by a private company in that country. He reportedly traveled to Dubai to handle a deal that would have helped him to bring in some substantial cash to pay aggrieved customers.

An INTERPOL red alert notice placed on him by the government of Ghana made it possible for the Dubai authorities to release NAM 1 after winning the case in court. Many have argued that government cannot absolve itself from the crisis that led to the locking up of customers funds. The Bank of Ghana and the Securities and Exchange Commission have been blamed by many watchers of the space for acting rather slowly, having watched the company for years luring innocent customers, who some described as greedy into its snare. It imperative for agencies working on the case to expedite action to help release money to customers as soon as practicable. It is in this vein that we commend the Criminal Investigation Department of the Police for Service for arraigning Nana Appiah Mensah before court just a day after his arrival.  It the hope of customers and anti-graft agencies that the days granted the police for further investigation will be used to gather the needed information to facilitate expeditious legal process.  Delays in getting to the bottom of the scandal will mean prolong agony for customers.

Already, it is alleged that some customers have developed some health challenges as a result of the locking up of their funds. It is essential for the customers to exercise restraint and allow the law enforcement agencies to do their work. They should be reminded of the saying that “Shortcuts make long delays.” As the state agencies work around the clock to help retrieve depositors money as well as prosecute NAM 1, we entreat Ghanaians to be mindful of the risks involved in depositing money with questionable firms that lure them with juicy returns on their deposits. Never again should we walk this path as a nation.

Let us learn from our mistakes.

BY DOMINIC HLORDZI, A JOURNALIST.