Menzgold an innovation, not Ponzi scheme – NAM 1

Nana Appiah Mensah has dismissed claims that his Menzgold business is a ponzi scheme.

According to NAM 1, as he is popularly known, people refer to the business as a scam because they lack the understanding of how it operates.

“It is not a ponzi scheme, it is just an innovative drive. Menzgold is not a ponzi scheme. We trade the gold collectibles of our and clients and we make profits from them and then we share with customers. We don’t have to quickly make conclusions and assumptions based on our mental dispositions and basic socialization about things.

“We need to go further and understand,” he told a news conference in his first media encounter since he was released from custody in both Dubai and Ghana.

He, however, appealed to the Attorney General’s Department to help him retrieve a $39million debt owed his firm by Horizon Royal Diamond in Dubai to enable him pay his customers.

“All companies worldwide have liabilities in its books and so do Menzgold. Business, in summary, is all about owing and being owed. We at Menzgold are committed and do express our willingness to service our debts portfolios to our customers and business associates as soon as we can with a given opportunity.

“We respectfully pray the Ghanaian authorities to cooperate with us to achieve the following; to assist us to make a full recovery of the amount owed Menzgold by Horizon Royal Diamond in Dubai. As an act of good faith, we are willing to engage the Attorney General’s office on the best possible way for them to aid Menzgold by employing international law and diplomatic relations to ensure we achieve this objective”.

NAM 1 also dismissed claims that he jumped bail and escaped to Dubai to avoid being arrested in Ghana.

According to NAM 1, his bail conditions by EOCO did not include a travel ban in any form.

“I went to other African countries…then from there, I went to Asia so I did not escape,” NAM 1 said adding “the EOCO invitation was not tied to a travel ban…a day before I departed, I Informed EOCO, we can check EOCO’s records, I informed EOCO that I was traveling.”