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Don’t compare Menzgold to DKM – Nana Appiah Mensah
The Chief Executive of the defunct Menzgold Gold Dealership, Nana Appiah Mensah, has expressed his objection to the comparison of his company with another defunct entity, DKM Micro-Finance Company.
According to Nana Appiah Mensah, the practice of equating the unfortunate financial situations and actual roles of the two companies overlooks the specific context that sets them apart.
DKM stands as a failed financial that left customers stranded in 2015 when its operations were suspended for violating the Banking Act.
The Bank of Ghana intervened to address the situation and compensate certain depositors.
Following the Menzgold saga, many aggrieved customers have urged the government to undertake a similar initiative.
However, Nana Appiah Mensah believes that such calls might be misleading.
Nana Appiah Mensah explained the fact that the two organisations were licensed by different regulators make the disparities clear.
“I have to really make this point. So the customers that are being misled. The difference between Menzgold and a DKM [is that] DKM was a financial institution licensed by our Central Bank. Menzgold is a commodities trading company so we are not licensed [by Central Bank] because we are not a financial institution. So if a DKM suffers operational upset, government can probably come in and decide to either mitigate or pay the customers or I don’t know what the standings orders are because I am not a finance person,” he said on Monday, August 21, 2023.
That is why the outcomes differ in terms of remedies available in the law.
Speaking in a conversation on X (formally Twitter) Spaces, Mr Mensah insisted that if government pays Menzgold clients, it could set a bad precedent and allow for potential exploitation of the state by any limited liability company.
For him, his defunct firm is taking steps to pay his customers for all sleeping dogs to lie.
“I do not expect government of Ghana to make any payment to any Menzgold customer. The reason being that, I will not want my aunty selling in some market, the taxes that she pays, government should commit those taxes to paying customers that I have had a business interaction with and probably there has been a debt situation. We need to be responsible and pay our debt and so we are going to pay our debt.
“As a private company. You have been cured in that situation. Why should government’s come home unless it has been determined that you are in contravention of ABCD laws and then on the basis of that, they want to adjust the processes and pierce the veil and effect all those legal remedies that exist under our laws. That’s fine. I am speaking to my clients and my customers. If anybody is going to pay you, it is Menzgold.”
In the ongoing controversy, where victims are relentlessly seeking justice for their vanished investments, the Chief Executive Officer has portrayed himself as the foremost casualty of the entire debacle.
As the demands for accountability persist, NAM 1, has admitted to being the one bearing the brunt of the crisis’ fallout.
NAM 1’s assertion stems from the personal losses he claims to have incurred due to the downfall of Menzgold.
He emphasized that the company’s collapse has left him bereft of all possessions.
In the heated conversation on social media, he declared that “If you want to crown the biggest loser in all of this thing, I am the one, because I lost everything: I lost all my properties and I don’t even have a car of my own in this country.”
Source:Myjoyonline.com
The Vice President, Naana Jane Opoku-Agyemang, has called for stronger action to promote gender equity and create more opportunities for women in the workplace.
She made the call in a Facebook post after joining staff at the Presidency of Ghana to mark International Women’s Day.
The celebration was held under the theme “From Commitment to Action: Promoting Equity for Every Woman in the Workplace” and focused on recognising the achievements of women while reflecting on the work needed to ensure equal opportunities.
Professor Opoku-Agyemang extended warm wishes to women across Ghana and noted that women have always played key roles in the country’s communities and economic activities.
According to her, women in the past served as healers, traders and queen mothers who contributed to leadership and governance in traditional societies.
She explained that Ghana’s cultural history shows that women have long provided knowledge, leadership and innovation to help develop communities.
The Vice President however noted that current disparities require society to examine systems and structures that may have limited opportunities for women.
She stressed that advancing gender equity will require deliberate actions and the mentoring of young women to prepare them for leadership roles.
Professor Opoku-Agyemang recognised women whose work takes place in markets, streets and small trading spaces across the country.
According to her, these women form the backbone of local economies and continue to demonstrate resilience despite the difficult conditions they face.
She commended women working at the Presidency for their dedication and leadership and reaffirmed the need to promote respect, fairness and opportunity for every woman.
The Vice President further called on both men and women to work together to break barriers and ensure that women can fully contribute to Ghana’s development.
By: Jacob Aggrey
The Diaspora Affairs Office at the Office of the President has hosted a delegation of African diaspora women who are in Ghana ahead of a planned Presidential Conferment of Citizenship ceremony.
The Director of Diaspora Affairs, Kofi Okyere Darko, explained in a Facebook post that the visit was a gesture of appreciation by the delegation to the Government of Ghana for its continued efforts to reconnect Africans in the diaspora with their ancestral homeland.
He indicated that the ceremony, scheduled for next Monday, will officially grant Ghanaian citizenship to members of the delegation as part of the country’s broader engagement with the African diaspora.
The delegation was led by Erica Bennett, Founder of the Diaspora Africa Forum.
According to Mr Okyere Darko, her years of advocacy have played an important role in strengthening ties between Africa and people of African descent living abroad.
He noted that the group’s journey towards citizenship represents not only a legal process but also a cultural and spiritual return to their roots.
Also present at the meeting was Natalie Jackson, an attorney who is also expected to receive Ghanaian citizenship during the ceremony. She works closely with renowned civil rights lawyer Ben Crump.
Mr Okyere Darko emphasised that Ghana remains committed to strengthening relationships with the African diaspora and promoting unity, identity, and shared heritage among people of African descent worldwide.
By: Jacob Aggrey
