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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
Madam Sandra Seyram Kpedor, the District Chief Executive (DCE) of Anloga in the Volta Region, has emphasised the importance of parental involvement in children’s education, stating that education is free, but parents need to do more to support their children.
She said parents, teachers, and students must be involved in addressing the challenges facing the district’s education sector, particularly the poor Basic Education Certificate Examination (BECE) results.
Madam Kpedor outlined some key roles parents should play to promote their children’s education, including providing a conducive learning environment, monitoring their children’s progress, and supporting teachers.
The DCE highlighted some challenges the district faced such as inadequate infrastructure and a shortage of teachers, which have also contributed to the poor BECE results and called on well-to-do parent to help solve the situation through and other supports.
To address the issues, she also announced that plans have been taken to utilise the district’s common fund to implement educational projects, such as constructing school blocks and teachers’ bungalows at Sodzi community, and 2-unit classroom blocks each at Akplorwutorkor and Tegbi-Afedome respectively, among others.
Madam Kpedor also noted that her office had earlier notified the Ministry of Education to deploy more teachers to the area to improve teaching and learning, and encouraged students to work hard and strive for excellence, and work beyond their limit to succeed.
“To my wonderful and beautiful girls, you have to know it clear that women and girls have equal opportunities to compete with men for greater achievements,” she indicated.
The DCE cited her own achievement as a testament to the fact that women can excel in leadership positions, alongside Vice President Nana Jane Opoku-Agyemang, and stressed that girls were no longer limited to domestic roles but can pursue their dreams and become leaders.
Additionally, she mentioned that a meeting was held earlier with assembly members, and other stakeholders to address the district’s educational challenges and improve academic performance.
She promised that the district’s education oversight committee and stakeholders would work together to address the challenges and improve the district’s BECE results and called for parental involvement and support to boost the district’s education sector for children to chase their dreams to become future leaders for the success of the district and the nation.
She urged parents not to leave everything to the government but rather help in the provision of some necessary materials such as textbooks, exercise books, pens, pencils, food, and guidance to children for the successes of young learners. –GNA
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The spokesperson for Dr. Bawumia, Dennis Miracles Aboagye, has criticised the implementation of the NDC government’s No Fee Stress policy, arguing that the programme has failed to deliver on its core promise.
According to him on Starr fm, the policy, which was introduced to ensure stress free payment of fees for level 100 tertiary students, has rather turned into what he described as post stress support.
He explained that students are required to pay their fees first before applying for reimbursement, a situation he believes defeats the purpose of the policy.
He questioned claims by government officials that the policy has been successful and that citizens are happy.
In his view, such claims do not reflect the lived realities of many Ghanaians. He stressed that while some people may appear satisfied, many others continue to struggle.
Dennis Miracles Aboagye pointed to the situation of trained teachers and nurses who have been picketing for nearly six months, demanding employment.
He noted that government responses suggesting it cannot accommodate all of them contradict claims of economic stability.
He further argued that economic indicators such as a stable currency mean little to people who are unable to secure jobs or access promised support.
He observed that telling an unemployed teacher or a struggling student that the cedi has strengthened does not address their immediate challenges.
On the issue of tertiary education, he maintained that no level 100 student benefited from stress free fees in 2025, despite the policy being announced.
He added that in 2026, students have already reported to school without receiving the promised support.
He insisted that asking students to pay fees first and seek reimbursement later amounts to support after hardship, not stress free education.
According to him, this approach goes against what was promised during the policy announcement.
Dennis Miracles Aboagye questioned why a government that presents the economy as strong is unable to fulfil what he described as simple and clear promises.
He added that there is a fundamental problem with the way the economy is being managed and indicated that he is prepared to explain his position further.
By: Jacob Aggrey
