SONA 2019: Akufo-Addo breaks silence on Menzgold saga

President Nana Akufo-Addo has broken his silence on the Menzgold saga pledging to ensure that schemes created to swindle Ghanaians of their monies are nipped in the bud.

At his third State of the Nation Address in Parliament, the president indicated a mega regulator in the financial services sector has been established to screen the activities of investment schemes that make fantastic and unsustainable returns to unsuspecting customers.

Menzgold is reported to have a client base of about 60,000, all of which were promised between 7% to 10% returns on special gold collectibles bought and deposited with the company.

The scheme that ran for at least four years finally came to an end after the Securities and Exchange Commission (SEC) ordered the flashy company to halt its unlicensed operations.

Since the order last September, customers have endured no small frustration in getting the company and its socialite CEO Nana Appiah Mensah to refund their monies.

NAM1, as the CEO is popularly called, was arrested in the United Arab Emirates where he is reportedly standing trial for a different offence.

Angry clients once again demonstrated this time around the Western regional mining community Tarkwa, which is said to hold at least 9,000 clients of the embattled company.

Popular dancehall artiste StoneBouy has also urged the president to speak to the Menzgold saga.

He has, albeit, saying little about the fate of the clients. Sounding more futuristic interventions than addressing present plights, Akufo-Addo said this mega regulator is to be known as the Financial Stability Council.

It will be composed of regulatory institutions within the financial sector notably, the Bank of Ghana and Securities and Exchange Commission.


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