Nana Appiah Mensah, the former CEO of Menzgold, has reached out to his distressed customers, urging them to exercise patience as he works towards fulfilling his promise of refunding their investments.
In a tweet on July 1, 2023, he acknowledged the ongoing efforts to revive the Menzgold gold-dealership firm and expressed gratitude to customers for their unwavering faith in him.
While he refrained from providing a specific timeline for the reactivation of Menzgold’s operations, he conveyed 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.”
Menzgold Ghana Limited, a gold dealership and investment firm, 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.
Meanwhile, the firm underwent name changes from Menzbank to Menzbanc and eventually to Menzgold, as a response to warnings issued by the Bank of Ghana regarding the use of the term ‘bank’ in a non-banking entity’s name.
In September 2018, the Ghana Securities and Exchange Commission intervened, ordering the cessation of Menzgold’s operations. The Minerals Commission of Ghana subsequently revoked the company’s operating licence, 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.
