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Menzgold saga: NDC suffering symptoms of election loss – NPP

Menzgold saga: NDC suffering symptoms of election loss – NPP
The New Patriotic Get together (NPP) has described as disgraceful and insensitive, makes an attempt by the Nationwide Democratic Congress (NDC) to politicise the Menzgold saga.

At a press convention in Accra on Thursday, the Communications Director of the celebration, Mr Yaw Buaben Asamoah stated politicising the issue wouldn’t remedy the issue or give any peace to the affected clients.

He, subsequently, referred to as on the NDC to place to cease to politicising the difficulty and “be kind to the people affected.”

“Instead of commiserating with customers who have lost their monies through investments and schemes run by Menzgold, the NDC is desperately trying to equate that to DKM and insist on the unheard position that government should assume liabilities for private investments,” he stated.

His response follows an earlier press convention by the Nationwide Communications Officer of the NDC, Mr Samuel Gyamfi, who amongst different issues stated the NPP was largely responsible for the destiny of the embattled gold dealership agency which has in flip led to the lock up of investments of hundreds of clients.

Mr Gyamfi on the press convention held on Thursday referred to as on authorities to use what it described as “the DKM Principle” to make sure that affected Menzgold clients retrieve their monies.

However Mr Buaben Asamoah held a opposite view, saying that the Menzgold saga was partly a failure of the erstwhile NDC administration to do due diligence when the Chief Government Officer of the corporate, Nana Appiah Mensah, alias NAM 1 was alleged to have defrauded 53 individuals in 2012.

“How come, they refused to exercise government power under the authority of the state to deal with the NAM1 issue once and for all? Or is it because the NDC stood to benefit as clearly stated by Sammy Gyamfi in a video widely circulated on social media. Indeed, keen observers, have noted that Ponzi schemes turn to proliferate whenever the NDC is in power. R5, Pyram, DKM, Bamask, as well as US Tilapia,” he stated.

Menzgold is one of the mess NDC left for us to clear – NPP Comm. Director

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He famous, nevertheless, that authorities would work inside the remits of the regulation to make sure that NAM 1 is delivered to ebook.

“The NPP government is committed to a state of law and in that state of law, there are clear distinctions between the powers of the State, the powers of the government and the powers of the president… Menzgold is an NDC problem. We will deal with it and allow the law to work. No amount of propaganda will deter this NPP government,” he said.

Under is the complete assertion 



Members of the media, thanks for responding to our invitation at such a brief discover.

As you’re conscious, we’re compelled to ask you right here at this time to answer the symptoms and after impact of an enormous election loss the NDC endured in 2016.

Clearly they haven’t recovered from that electoral blow. As a result of since then, all their actions are targeted on trying to incompetently duplicate our marketing campaign.

We have now heard, for instance the try to explain this performing authorities as an excellent incompetent authorities and when requested, all of the NDC can say is that, as a result of we referred to as them incompetent.

This unfavorable, unproductive and reckless mind-set is what’s driving the most important opposition celebration within the nation. To the extent that this afternoon, the complete management of the NDC mobilised behind costly publicity on tv and radio to inform a heap of political lies concerning the unhappy difficulties some residents are experiencing with Menzgold. 

As an alternative of commiserating with clients who’ve misplaced their monies via investments and schemes run by Menzgold, the NDC is desperately making an attempt to equate that to DKM and demand on the unheard place that authorities ought to assume liabilities for personal investments.

No authorities company has closed down Menzgold – NPP

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The NDC raises two issues.

That, NAM1 benefitted from movie star endorsement.

Women and Gents, since when have members of the general public and stakeholders, native and worldwide, been barred from partaking democratically elected presidents and their governments?

Is the NDC telling us that, the image of then President Mahama and globally acclaimed homosexual rights activist, Andrew Solomon, in mattress, meant that John Mahama is homosexual and that John Mahama endorses homosexuality?

For sure, NAM 1 as a matter of public document has visited a number of eminent individuals on this nation. As a accountable political get together, supporting a really targeted authorities, we won’t stoop so low to recommend that public officers, spiritual leaders, conventional leaders, and others who by advantage of their workplace are public property need to be abused for soiled political ends. 

The second leg of the NDC’s empty propaganda assertion is that, some pressure should be utilized, which was not.

In making that argument, the NDC’s Communications Officer, and endorsed by the complete management of the NDC, confused State, authorities, regulatory businesses, safety businesses and the presidency.

The NPP authorities is dedicated to a state of regulation and in that state of regulation, there are clear distinctions between the powers of the State, the powers of the federal government and the powers of the president.

For public readability, it’s on document that, in 2012, a docket was constructed by the Ghana Police Service alleging that, 53 individuals have been defrauded by NAM1. Then it was a safety company matter, the Police and the retired police officer may be interrogated on this.

So clearly, the stated alleged fraudulent operations of NAM1 and his accomplices began method again in 2013 beneath the identify MENZBANK ending with Okay which later MENZBANC ending with C. For the knowledge of the NDC and its clueless management, they have been in Energy as the federal government within the State of Ghana.

How come, they refused to train authorities energy underneath the authority of the state to cope with the NAM1 difficulty as soon as and for all? Or is it as a result of the NDC stood to profit as clearly said by Sammy Gyamfi in a video extensively circulated on social media. Certainly, eager observers, have famous that Ponzi schemes flip to proliferate every time the NDC is in energy. R5, Pyram,DKM, Bamask, in addition to US Tilapia.

On October 28, 2014, the Financial institution of Ghana, appearing as a regulator, found, in a particular train inside the Central Area, that Menzbank was working in Kasoa beneath the guise of gold buying and selling and illegally utilizing the identify “Bank”.

On March 11, 2015 BOG issued discover quantity BG/GOV/SEC/2015/04 publishing an inventory of unlicensed entities working illegality, together with Menzbank. Menzbank then modified its identify to “Menzbanc Ghana Company Limited”.

On April 13, 2016 BOG issued a discover to warn most of the people towards the deposit-taking operations of Menzbanc.

On July 22, 2016, BOG wrote to Menzbanc cautioning it towards its unlicensed deposit-taking exercise.

On August 2, 2016 BOG invited the administration of Menzbanc to a gathering on its unlicensed deposit-taking exercise.

The corporate responded in writing on August three, 2016 and claimed that they weren’t partaking in deposit-taking actions.

NPP condemns Sammy Gyamfi’s ‘twisted’ logic after heaping praises on NAM1

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On August 16, 2016, the BOG contacted Minerals Fee and Valuable Minerals Advertising Firm (PMMC) on the license standing of Menzbanc. Minerals Fee confirmed the corporate had a license solely to ‘buy gold regionally… and to export similar”. Nevertheless its licence with PMMC had expired. For the schooling of the NDC, these constituted regulatory actions not that of the President on the time, sadly, there was no chew.

On February 13, 2017, BOG held one other assembly on with representatives of the corporate.

On July 19, 2017, BOG issued one other warning letter to the corporate to desist from taking additional deposits.

Menzbanc then modified its identify to Menzgold. It additionally knowledgeable the BOG of its subsidiary by identify “Brew Marketing Limited” the place shoppers have been directed to go and buy the gold and deposit it with Menzgold for “dividend”.

BOG carried out additional investigations and did three “mystery shopping” transactions by enrolling on the corporate`s “Gold Vault market.” Within the first buy, no gold was seen all through the transaction. Menzgold collected the money with the reason that they might buy the gold from Brew Seek the advice of.

Within the second case, on maturity, the thriller consumers got a bit of gold.

Within the third buy the thriller buyers have been directed to buy the gold from Brew Advertising Seek the advice of, and deposit the gold in its vault the place the buying and selling started.

On 19th September 2017 Minerals Fee wrote a letter to Menzgold titled “Unauthorised Business Activities,” stating to Menzgold that it was in breach of the regulation and the Licence and that Brew Advertising had not been registered as a licensed shopping for agent.

In June 2018, BOG carried out a joint go to with Minerals Fee to licensed gold merchants and refineries in Accra to know the character of their operations.

The group established that each one the businesses have been engaged in smelting and exporting of gold with the exception of Menzgold that’s engaged within the solicitation of deposits from most of the people with rate of interest between 7% -10% per 30 days to clients based mostly on the amount of gold bought.

The actions of these regulators since 2017 had chew and that’s what lastly led to full publicity.

As a result of when NAM1 stated he was buying and selling in gold collectibles, Securities and Trade Fee, shortly moved in to demand licenses for derivatives buying and selling. 

Women and Gents of the press, that is the factual story. Please NDC, be variety to the individuals affected by this and keep away from the mendacity Politics, that won’t clear up the issue or give any peace to the individuals concerned.

The NDC’s conduct in the present day in politicising such a delicate problem is disgraceful to say the least.

Women and Gents, the Menzgold saga is an NDC drawback we’ve come to clear.

We’ve got cleared quite a bit of NDC mess since we got here. We’ve got cleared DKM, we have now cleared mess on the Banking sector, we’ve got cleared arrears, and we hold clearing so much of mess they created.

Menzgold is an NDC drawback. We’ll cope with it and permit the regulation to work. No quantity of propaganda will deter this NPP authorities.

Thank You.

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