– Nana Appiah Mensah reaches out to Menzgold customers, asking for patience in refunding their investments
– He acknowledges the ongoing efforts to revive Menzgold and expresses gratitude to customers for their faith in him
– He refrains from providing a specific timeline but assures customers that fixing the situation takes time
– Menzgold gained notoriety for offering high returns on investments but was shut down by the Government of Ghana
– The company underwent name changes due to warnings from the Bank of Ghana
– The Ghana Securities and Exchange Commission and Minerals Commission revoked Menzgold’s operations and license
– Customers have been unable to access their deposits, leading to dissatisfaction and demonstrations
– Nana Appiah Mensah’s plea for patience brings hope to affected customers
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In a recent tweet, Nana Appiah Mensah, the former CEO of Menzgold, has reached out to his distressed customers, offering reassurance and urging them to exercise patience as he works towards fulfilling his promise of refunding their investments. The tweet, posted on July 1, 2023, acknowledges the ongoing efforts to revive the Menzgold gold-dealership firm and expresses gratitude to customers for their unwavering faith in him.
Nana Appiah Mensah refrains from providing a specific timeline for the reactivation of Menzgold’s operations but conveys his thoughts, saying: “Your calls for me to fix this ‘Trojan horse’ of mine are a testament to your belief in me. It’s a rare vote of confidence, and I am sincerely grateful. Restoring what is broken takes time. It’s easier to break than to fix. All we need is time. Just a little more time.”
The gold dealership and investment firm, Menzgold Ghana Limited, gained notoriety for offering customers an average monthly return of 7-10 percent on their investments. However, it was ultimately shut down by the Government of Ghana following its establishment by Nana Appiah Mensah. Throughout its existence, the company underwent name changes from Menzbank to Menzbanc and eventually to Menzgold, in response to warnings issued by the Bank of Ghana regarding the use of the term ‘bank’ in a non-banking entity’s name.
The situation escalated when the Ghana Securities and Exchange Commission intervened in September 2018, ordering the cessation of Menzgold’s operations. Subsequently, the Minerals Commission of Ghana revoked the company’s operating license, initially granted in 2014 for gold trading and export purposes. As reports of a high-yield gold investment scheme began to circulate, the Bank of Ghana issued warnings cautioning citizens against engaging with the firm and prohibited Menzgold from accepting cash deposits.
Since the shutdown, customers have been unable to access their deposits, leading to widespread dissatisfaction and demonstrations at various Menzgold branches. However, Nana Appiah Mensah’s recent plea for patience and his reassurance of efforts being made to address the situation offer a glimmer of hope to the affected customers.
In conclusion, while the road to resolving the Menzgold crisis may be long and challenging, Nana Appiah Mensah’s plea for patience and his acknowledgment of the customers’ faith in him bring a ray of hope. It is a reminder that restoring what is broken takes time, and with continued efforts, there is a possibility for the affected customers to eventually receive their refunds.
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