Menzgold Saga: 'You've fallen for the misconceptions' – NAM1

Founder of Menzgold Company Limited, Nana Appiah Mensah (NAM1), has reacted to the controversy surrounding the operations of his gold dealership firm.

In a tweet on Wednesday, 28 November 2018, Mr Mensah bemoaned that some people have fallen for the “misconceptions” about his business and have further denigrated his name and the Menzgold brand.

“Instead of us being resolute, you've fallen for the misconceptions and further denigration of my name & the brand. We shall do the needful now. God knows we defended our collective cause.#Posterity #Hail! Menzgold Global,” his tweet said.

Mr Mensah’s tweet comes a day after aggrieved customers of Menzgold staged a demonstration against the company.

The angry customers belonging to a group calling itself Coalition of Aggrieved Customers of Menzgold said after several months of promises to pay them 15 per cent of their locked-up investment principal, the company has failed to live up to expectation.

The customers petitioned the Bank of Ghana (BoG) and the government to order Menzgold to pay them their investment.

Menzgold is battling the Securities and Exchange Commission (SEC) and BoG over its operations. The company has dragged SEC and the BoG to court to stay away from its business but the state agencies insist Menzgold does not have the licence to conduct business in the manner it was doing by paying dividend to clients.

The SEC, thus, asked Menzgold to shut down its operations until it complies with the laws regulating the industry.

Some customers of Menzgold have also called on Mr Mensah to meet and address them face-to-face on plans he has to refund their investments and stop addressing issues by tweets.

Instead of us being resolute, you've fallen for the misconceptions and further denigration of my name & the brand. We shall do the needful now. God knows we defended our collective cause.#Posterity #Hail! Menzgold Global????

— Nana Appiah Mensah (@mn_appiah) November 27, 2018