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General News on Thursday, January 24, 2019
Source: clbadfmonline.com
2019-01-24
Former Rector of GIMPA, Professor Stephen Adei
Economist Stephen Adei described Menzgold Ghana Limited's gold safes market as a Ponzi scheme that should not have been favored by Ghanaians.
The Securities and Exchange Commission (SEC) has ordered Menzgold to terminate its investment activities on September 12, 2018 for breach of the Securities Industry Act, 2016 (Law No. 929).
The SEC's order also enjoined Menzgold to stop advertising the gold collectible investment product that provided customers with between 7 and 12 per cent interest a month.
The company has been unable to pay the additional values and principles of its clients since then, provoking several demonstrations from injured clients across the country, some of whom have called on the government to intervene to recover their debts. investments.
Finance Minister Ken Ofori-Atta and Information Minister Kojo Oppong Nkrumah expressly stated that the government would not use taxpayers' money to bail out Menzgold's clients whose investments had been stalled since the beginning of the month. last August.
Despite this, a private lawyer, Ms. Nana Oppong, recently said that the government should use public funds to pay a portion of the blocked investments of several thousand injured clients.
Nana Oppong, president of the Distinguished Scholars of Africa, said that although the government was not obliged to do so, it could do so for humanitarian reasons by completing Menzgold's payment efforts, particularly in the where the society would be incapable. pays them all the major investments of their clients once all possible avenues have been exhausted.
In his view, the government should pay victims a certain percentage of capital investments for humanitarian reasons.
He told Benjamin Akakpo at the Executive Breakfast Show on Clbad91.3FM on Tuesday, January 15, 2018: "We are a poor country, we are not so rich, so we need money for hospitals and schools. We borrow so we can do very little, but we can do something. We have to sit down and see: can we have 10, 20 or 40%? How much can we bring to help these people? Second, how can we make sure that when a new business comes to town and says, "I promise you this and that," we approve and monitor and make sure that people do not become victims anymore. "
Dr. Oppong added, "I recently heard that some victims of the Kumasi shootings had been compensated, and so on. Legally, if you look at it, the government should not have paid it, but for political or moral reasons and for humanitarian reasons, it has been done.
"Sometimes we do things not because we are legally obliged, but because it is the right thing to do. As a nation, for humanitarian reasons, to show compbadion, solidarity, and minimize injuries and the pain and suffering of people, we should think about that. "
Nana Appiah Mensah (NAM1), CEO of Menzgold Ghana Limited, is currently detained in Dubai for unrelated criminal offenses. Ghanaian authorities and the police are using it to extradite him to face separate criminal charges for fraud.
Commenting on the Menzgold problem in an interview granted to the Clbad91.3FM Executive Breakfast Show on Thursday, January 24, 2019, the Dean of Arts and Sciences at Ashesi University told animator Benjamin Akakpo that Menzgold "was a Ponzi scheme ", adding:" Anyone who thinks you will go to a financial institution and earn 10% a month, 120% if you do not even make it in a year, [is wrong] … And many people have been warned individually and other things and they will say, "If you are afraid, you will not win."
He said: "Those who got their profit, they spent it until the last minute. Some will put all their money back there because they now have 100,000 GHS, so they will spend it to get 200,000 GHS. When they did that, did they go to pay the same tax? No, and now they want the government [to rescue them with taxpayers’ money]"
He added, "Basically, this boy [NAM1] was smart enough and most thieves and scammers are very smart. He found a regulatory gap between the Bank of Ghana and the SEC. [and exploited it]"
According to Professor Adei, "This is something no sensible person should think you can invest in gold or other and get 120% a year, while the Ghana Broadcasting Corporation daily posts the price of gold and that there is [significant] change [in price]"
The chairman of the National Development Planning Commission (NDPC) also warned against politicizing the Menzgold problem.
"We should stop the nonsense of the politicization of this. It's a criminal case, "he repeated.
"Those who had their profit spent it until the last minute. Some will put all their money back there because they now have 100,000 GHS, so they will spend it to get 200,000 GHS. When they did that, did they go to pay the same tax? No! And now they want the government [to rescue them with taxpayers money]"
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