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General News of Friday, February 22, 2019
Source: clbadfmonline.com
2019-02-22
Ken Ofori-Atta, Minister of Finance
Ghana's Minister of Finance, Ken Ofori-Atta, revealed that at least GHS 200 million of depositors' funds were stuck in a struggling gold distribution company, Menzgold Ghana Limited.
Thousands of Menzgold clients have protested and filed lawsuits to force the company to release their funds after the Securities and Exchange Commission ceased trading in the gold bullion market due to regulatory violations .
Fifty-three soldiers decided to drag Menzgold to the High Court for not paying them a total investment of 2.5 million GHS in early 2019.
Speaking to members of the Ghana Armed Forces (GAF) after President Nana Akufo-Addo donated 50 Ankai buses to the army in Accra on Friday, February 22, 2019, Mr. Ofori-Atta stated: "I think we have realization that perhaps more than 200 million GHS is exceptional".
He was responding to a question from members of the military about what the government was doing to help them recover the stalled investments.
Mr. Ofori-Atta added that the authorities are in the process of liquidating the properties of Menzgold's CEO, Nana Appiah Mensah, and using the proceeds of the sale to pay the customers.
However, he excluded any monetary intervention using taxpayers' money.
"He [Nana Appiah Mensah] was apprehended in Dubai. I'm sure a committee will be set up to see how to wind up [his badets] and all that can be found can be given to those who gave money, "said Ofori-Atta.
He quickly added: "The government will not substitute for problems of this nature for which we are very clear: it is not fired and you know the risk you have taken."
Meanwhile, Akufo-Addo warned Ghanaians to be wary of investment opportunities that offer tantalizing returns, as such projects are often fraudulent.
Mr. Akufo-Addo told the armed forces: "This concerns us all, in every society, in every economy, there are returns on money that are considered normal and reasonable within a society. given.
"People come and offer extraordinary returns, I beg you, be on your guard. Yes, as I sit here, I would like to get a 15% return on my little money every month. I like that, but is it really safe?
"It's a plea I make, wherever you hear it:" Come and [invest]we will give you money with extraordinary returns ", you must be careful not to keep it.
"These are the skills [they adopt] in our country and around the world, and they have always been very fraudulent. We have created a new body, the Financial Stability Board, where all the people who regulate our financial system – the Bank of Ghana, the National Insurance Commission, the Securities and Exchange Commission, the National Pension Fund – all go to the first time have an institutional framework allowing to sit down together to examine the financial architecture of our entire country, so that someone can come and say: " I am not regulated by you and, therefore, you can not touch me ", we will never have this situation in this country again.
"Everyone will be examined. If you are not regulated by X or Y, the department steps in to make sure you are part of the regulations. We must have this situation in our country. I will understand, there will be difficulties, but in the end, nothing can replace hard work, creativity and innovation in the way we develop our economy. If we have it collectively, there is enough energy, enough capacity, enough talent within the Ghanaian people so that we can cross very quickly this bridge that leads to prosperity …
"But we have to be disciplined, we have to stick to some simple values, you make money because you have worked to get it. It's hard to see that someone has put a lot of savings into a ploy that has been turned into a Ponzi, and then they come in and we give them that kind of conference, but that's important. It is important for all of us to recognize that the person who comes with a [sweet song] that: "I can give you this and that", which is not normal, this person will certainly sing you a song that will cause you trouble if you listen to it ".
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