It has emerged that ordinary Ghanaians are not the only customers of embattled gold dealership firm, Menzgold.

According to a report by pro-government think tank, Danquah Institute, some renowned persons in society including politicians and men of God are part of the customers of Menzgold.

Interestingly, all these persons have remained silent due to the fear of being mocked.

These people include Fetish Priests, prophets, chiefs, presidential hopefuls, Parliamentarians and other notable men and women in society.

“I’m still at a loss how these renowned Prophets, holders of masters and doctorate in Economics and Fetish priest could not tell the future of the Menzgold investments. The list I understand will be serialized, published and circulated on Social Media platforms,” Michael Nana-Sasu, a Research Fellow at Danquah Institute stated.

According to him, the management of Menzgold are preparing to publish the names and professions of all of it customers.

In a press release issued on Wednesday, he said: ”I have no clue what the intent and purpose of this move will be but I suspect the Ghanaian people will be shocked the names and Educational levels of victims of MenzGold.”

If  his claim is anything to go by, then Ghanaians should expect to see the names of respectable individuals such as prophets of God, presidential hopefuls of some major political parties, bankers, CEO’s of Private and State institutions, Members of Parliament, renowned Journalist, businessmen and women, retired and active military officers, policemen, experienced lawyers, students, contractors, fetish priest and many more.

Read the full statement

Pyrite was among the first group of minerals whose name stuck with me throughout my study of Geology at the University and beyond. It stuck because of its field nameknown to most Geology students; FOOLS GOLD. The name, FOOLS GOLD, speaks for itself. A sulphide mineral with striking superficial semblance to Gold used normally to deceive and or dupe unsuspecting traders of gold.

Many years after I left the Gold Exploration industry, on a sunny Friday afternoon, travelling back home on the Accra-Tema Motorway, I spotted a huge MenzGold signboard and instinctively, Fools Gold raced back to my memory and I smiled. Little did I know that even after the DKM and God is Love scam, that shook the foundations of a rather fragile economy, over a million Ghanaians will fall victim to another Ponzi scheme. My sympathies to the victims of MenzGold.

Intelligence gathered from the corridors of the Securities and Exchange Commission (SEC), indicates a strong urge from what is left of the administrative structure of MenzGold to publish the names and professional details of all its customers and the corresponding amounts of monies invested with MenzGold. I have no clue what the intent and purpose of this move will be but I suspect the Ghanaian people will be shocked to know the names and Educational levels of victims of MenzGold.

The list I understand will be serialized, published and circulated on Social Media platforms. Some of the victims, I suspect will have some explanations to do as to how they came by the huge sums of money to lodge at MenzGold in the first place. EOCO might have to invite some public service workers to explain how they came by the huge sums of monies. GRA may also pitch in a case with revenue defaulters. Whichever way it turns out, it looks like double jeopardy for the victims of MenzGold. We are still in troubled waters, I must admit.

Should Government step in and pay the victims?

I doubt if Government has the funds to pay off all the victims running into millions without throwing the already fragile economy into total disarray.

It was a courageous gamble that has hit a snag and in the most unlikely situation of Government paying the victims, I will go and stake Lotto, banker-to-banker and demand of Government to pay me my principal if I don’t win.

I only chanced on a few names but I understand the full list of MenzGold victims will shock the nation to the marrow. We need the list, because we cannot risk drivers of passenger buses or VIP personnel moving on our roads in agony and unstable states of mind. We cannot afford to arm Policemen who may have lost their lifetime savings to MenzGold scam. There has been so many accidents lately and it’s about time we take a critical look at the frame of mind of our key service personnel before deploying them to duty. I need not remind you of the unfortunate case of mistaken identity that cost the nation and the people of Asawase 7 lives a few months ago. We need the list for closure.

God bless our homeland Ghana and grant strength to the victims of MenzGold even as they chase NAM1

Michael Nana-Sasu

Research Fellow

Danquah Institute


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