Blame BoG and SEC for the MENZGOLD Mess – former Tescon Organiser

George Pese Danquah Writes……

Menzgold a victim of hasty conclusions

I think we need to really take a good look at this Menzgold thing again.Among the problems facing them now we can attest to the simple fact that when they were operating nobody complained that l didn’t receive my dividends when it was due, that’s enough respect to take into cognizance.

Now this whole issue has to do with him not having legitimate papers from BoG and SEC in other words, he can’t operate such business because he doesn’t have those papers from these regulatory bodies. Now BoG and SEC is aware that he has operated quite some years without those papers and know that depositors had funds with Menzgold. Now inspite of him not having these papers he was still paying their devidends and most of us will agree if not for this saga, people would have still been paid the percentage they are due.

My problem here is that instead of BoG creating the panic and knowing fully they won’t be liable to pay any customer if there is a mess, why didn’t they pardon his mistakes of not regulating the business. Making him pay a fine for those years and finally regulating it for him to operate under the said law. I believe this would have saved the situation far better than
what we have now.

One truth we running away from is that if Nana Appiah was the son of Nana Addo, Rawlings, John Mahama, John Kuffour, Bawumia or any high influential politician BoG would have done everything possible to regulate his business and not blow the whistle of him not been regulated and allowed him to continue.

We should have looked at the bigger picture before blowing the whistle which led to the panic and subsequently leading to millions of Ghanaians loosing their investments.Check further on his tax returns to the state which was in good standing, social security of his workers good standing , registering of business good standing.

This whole issue is just as a result of hasty decision by BoG and SEC. Is either someone knew his business will override many in this country or there is a political interest in this whole saga. This guy was almost like a government official attending high profile events etc and am asking what stopped BoG and government from getting him behind closed doors to regulate the business even if at a higher fee.

Now he is on the run, government won’t pay depositors and depositors have their life on tentacles. We should have found an amicable solution than this big mess we created.As a nation let’s stand with common sense always and should not driven by sensationalism cos what does it profit a man to chastise this and see nothing wrong with the loan companies like Izwe, Bayport etal.

You are told to deposit money with Menzgold and get double or more returns. Some pastors will tell you to sow a seed to God and get double or a hundredfold blessing. Which person wouldn’t fall for this lure? I am wondering why the entire country feels outraged towards one Ponzi scheme while they live comfortably with the other scheme and even shout hallelujah in commitment and praises of it!.

Source:flyfmonline.com