It took government 24 hours to freeze the accounts of the Ghana Football Association after it became embroiled in a corruption scandal. But it would take government five months to do the same after Menzgold investment Company was quickly unravelled as a Ponzi scheme.
Lawyer for livid clients of the company, Amanda Clinton, who pointed out two different responses has said she is convinced government’s pussyfooting has unleashed hardship on her clients.
That client base, according to the company, is 60,000.
And since Securities and Exchange Commission directive in September 2018 effectively crippled the company and its socialite CEO Nana Appiah Mensah, clients have been using the courts to get their monies back and using the streets to pile pressure on government.
In 2019 alone there has been three demonstrations in the last three months with a brewing expectation that May edition of the monthly exercise will kick off.
Menzgold came on the radar of the bank of Ghana in October 2014. It was then Menzbank, a name, the regulator objected to because it did not have a licence to take deposits.
No problem. Menzbank was changed to Menzbanc but the Bank of Ghana still unhappy with the deposit-taking operations of the company forced it into another nomenclature change. It became Menzgold.
A company that required prospective clients to buy ‘gold’ from its sister company Brew Marketing Consult and deposit it with Menzgold for between 7-10% monthly returns.
A return that got customers returning with more investments. Some sold off houses, Amanda Clinton said. Others went for loans as the hype got all types of professionals to join in.