Prime News Ghana

NAM 1 finally breaks silence on Menzgold saga

By Mutala Yakubu
NAM 1 finally breaks silence on Menzgold saga

Chief Executive Officer (CEO) of Menzgold Ghana Limited Nana Appiah Mensah has finally opened up on issues surrounding the embattled firm.

Menzgold is currently not operating as they are in a legal tussle with the Securities and Exchange Commission (SEC) as well as the Bank of Ghana (BoG).

Nana Appiah has been silent ever since the firm got themselves in this legal battle with BoG.

In an interview with Zylofon FM, Nana Appiah Mensah popularly known as NAM 1 apologized to all customers of Menzgold for the troubles they find themselves in.

"I apologize sincerely to all Ghanaians, it is unfortunate this has happened and we feel your (customers) pains",

"We entreat all customers to have faith in the firm and we will bounce back soon".

"Over the past 5 years, we have proven ourselves without blemish and will continue to do so".

He did not delve deep into issues that have halted the operation of the company but said " the BoG and SEC said we needed a certain license to operate because of some of our works",

"We knew they did not have any bad intention against us, but we felt it was not really necessary to the kind of business we run"

"The case with BoG and SEC is still in court and we believe that in the end, both parties will be satisfied with the outcome".

The embattled firm has said it will begin to pay its clients part of their initial gold collectibles value coming Friday.


The Bank of Ghana’s (BoG) issued a disclaimer against Menzgold's operations.

The Second Deputy Governor of the Bank of Ghana, Dr Johnson Asiamah, said the company was licensed by the Minerals Commission to buy and sell gold but had veered off into accepting deposits from unsuspecting customers.

Dr. Asiamah further cautioned that anyone transacting banking businesses with MenzGold will only do that at their own peril.

The Securities and Exchange Commission (SEC) ordered Menzgold to suspend its operations in September 2018.

In a letter dated September 7, SEC said it has thoroughly investigated the activities of Menzgold and has found that the Nana Appiah Mensah-owned firm does not have the license to trade in gold collectibles from the public.

Read also:Full operations could begin on Nov 5 - Menzgold

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