Connect with us

Hi, what are you looking for?

News

Menzgold Not Collapsing, We’re Bouncing Back Stronger – NAM 1

The Chief Executive Officer of Menzgold Ghana Limited, Nana Appiah Mensah, popularly known as NAM 1, has assured customers of the embattled company that Menzgold will not collapse.

According to him, the company is bouncing back stronger as they are working assiduously to address all the challenges they’re faced with.

In an interview on his Zylofon FM on Monday, Mr. Appiah Mensah said they are engaging with the various stakeholders to amicably resolve the outstanding issues affecting the company’s operation.

He, however, did not state emphatically when the thousands of their stranded customers will get the value on their gold or be given their entire investments.

“I believe that with every issue, dialogue can resolve it. We are all Ghanaians, and we are working for Ghanaians in good faith. We have hopes that this issue will end peacefully and all stakeholders will help us,” he said.

He indicated that, although the processes for the resolution of the company’s challenges may take a longer period, he is certain that the company’s operation will return to normalcy soon.

“I believe the authorities are listening, they are for Ghanaians. It may be long, but I believe all these will be resolved soon. We’ll follow the due processes… Menzgold will have a great rebound and will be more exciting than the previous 5 years,” NAM 1 assured.

Current challenges have slowed our big vision

Nana Appiah Mensah indicated that, the unforeseen challenge to the gold business has greatly affected the company’s vision to be a major player in the gold trading business on the international market.

He revealed that the company planned to supply about 2 tons of gold with some partners in Switzerland and eventually connect with the Swiss Bank before moving to join the London Bullion Market Association, and then list on the Toronto Stock Exchange.

According to him, the vision would have made the company more profitable and enabled it to bring in more money to be invested in various companies and ventures that will reduce unemployment in Ghana.

“We had a vision, that but for what had happened, by the end of 2018 we should have supplied about 2 tons of gold to strategic contacts in Switzerland, and get a deal with the Swiss Bank, and then get to the London Bullion Market Association, and then list the company on the Toronto Stock Exchange to make it bigger and more profitable to establish more businesses in Ghana so that many unemployed persons can be employed, but in all things we thank God,” he said.

Correct us to make us strong

While admitting that Menzgold’s business may not be perfect, Nana Appiah Mensah appealed to the Bank of Ghana and the Securities and Exchange Commission to gently “correct” the company to enable it to become more competitive especially on the international market.

He also pledged to comply fully with the BoG and SEC.

“I can’t say Bank of Ghana or the Securities and Exchanges Commission has done us evil. We are a young company, we expect them to correct us when we go wrong so that we can be strong and do better on the international stage. All hope is not lost. We will continue to solve the problem. We will not do what they ask us not to do. We will ensure we comply with everything they ask us to do.”

Background

Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).

According to the SEC, Menzgold has been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

This, the SEC said this was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”

The company was however cleared to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”

Despite initial protests, Menzgold complied with the directive. It has however failed to fully pay its numerous aggrieved customers the value on their gold deposits as well as their entire investments.

As a result of this, the suspicion that the company was operating a scam has heightened.

Trending Stories

News

Northern Regional Minister Salifu Sa-eed has banned prostitution in Tamale with immediate effect. This comes after a Guinean national who tested positive for the...

News

Jacques Joaquim Yhombi-Opango, former president of the Republic of the Congo, has died after contracting coronavirus, his family said. Yhombi-Opango died in a Paris...

News

The Northern Regional Minister, Salifu Saeed, has confirmed that a coronavirus patient who was under quarantine in his region has fled the facility, leaving...

News

Sixteen persons have been arrested in Kasoa in the Central Region for failing to give tangible reasons why they were in town during the...

News

A video of a young man paying dearly for refusing to adhere to the directives of the president to remain indoors has emerged barely...

News

President Nana Akufo-Addo has earned massive praise from some prominent people around the world over list latest statement on the Coronavirus disease (COVID-19). President...

News

There are now more than 3,200 confirmed cases of coronavirus across the continent, with a number of African countries imposing a range of prevention...

News

The President for Institute of Liberty and Policy Innovation (ILAPI), Mr Peter Bismark, has stated that Ghana requires GH₡15 billion for 28 days’ total...

News

The ghana government has empowered the security forces to enforce the partial lockdown of certain parts of the country in order to contain the...

Africa & World

In fact, Venezuela has done a lot of good deeds for a lot of countries, but mostly for the poor countries in the Caribbean...

Africa & World

Soaring food prices aren’t new in Haiti, the poorest country in the Western Hemisphere and heavily dependent on imports. Sadly in 2020, those prices...

News

The Bank of Ghana in its efforts to ensure the effectiveness of the lockdown directive given by President Akufo-Addo, is urging all banks and...

Copyright © 2020 GhanaStar Media Group. All rights reserved