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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
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Let’s reintroduce Cultural Studies to complement educational reforms — Tourism Minister
Madam Abla Dzifa Gomashie, the Minister of Tourism, Culture and Creative Arts, has emphasised the importance of reintroducing Cultural Studies in schools as part of Ghana’s broader educational reform agenda.
She said Cultural Studies would complement existing efforts to reposition Science, Technology, Engineering and Mathematics (STEM) and Technical Vocational Education and Training (TVET) to promote digital literacy and expand Creative Arts education.
Speaking at the 2025 Homowo Festival of the people of Ningo-Prampram, held on the theme: “Education: The Best Legacy for our Children,” Madam Gomashie said cultural education was critical to national identity and development.
She noted that the festival’s theme aligned with the Government’s vision to transform education in Ghana and encouraged the youth to embrace it not only as a means of personal development but also as a way of preserving traditional values.
These values, including patience, wisdom, and hard work, were at the core of the Homowo celebration, the Minister said.
“Cultural festivals like Homowo are vital instruments for strengthening cultural identity, preserving historical memory, and fostering national unity. Additionally, festivals serve as platforms for educating the youth through storytelling, music, dance, and other traditional practices, while also providing opportunities for community engagement.”
Madam Gomashie highlighted the strong foundation that Ghana’s tourism was built on, which included culture, traditions, and the creative industry, collectively contributing to over GH¢4.8 billion to the economy.
“Festivals give tourists reasons to visit our country. Therefore, with the right infrastructure and the development of all the domains, the sector can do more than what has been recorded,” she added.
Mr Sam Nartey George, the Member of Parliament for Ningo-Prampram and Minister of Communication, Digital Technology and Innovation, commended the community for their vibrant participation in the festival. He announced plans for the construction of a new nursing training school in Ningo, aimed at expanding access to healthcare education in the area.
Nene Osroagbo Djangmah XII, Paramount Chief of Great Ningo Traditional Area; King Dr Tackie Teiko Tsuru II, Ga Mantse; Nene Tetteh Wakah III, Paramount Chief of the Prampram Traditional Area; Prof. Odaifio Welentsi III, Paramount Chief of the Nungua Traditional Area; Naana Dugbakuwor Dugba II, Paramount Queen Mother of Great Ningo; and Mr. Elvis Afriyie Ankrah, Special Envoy on Religion and Inter-Faith Affairs, who represented the Chief of Staff, were among dignitaries at the festival. -GNA
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Focus on more pressing issues like Galamsey, not hate speech – Ellen Ama Daaku to Mahama
An aide to former Vice President Dr. Mahamudu Bawumia,Ellen Ama Daaku has advised President John Dramani Mahama to shift his attention from social media hate speech to more urgent national issues such as illegal mining.
Speaking in an interview, she noted that the President’s recent comments about tracking the IP addresses of people who spread hate speech were unnecessary.
According to her, President Mahama must first define what he considers to be hate speech before seeking to punish people for it.
Ms. Daaku argued that the President himself had benefitted from hate speech and social media attacks in the past when he was in opposition.
She said even during his time in government, he described his opponents and their tribesmen in unpalatable terms, which later drew complaints from former President Nana Akufo-Addo to the Catholic Bishops’ Conference.
She stressed that harsh criticism of leaders on social media should not automatically be considered hate speech, adding that former leaders, including former President Nana Akufo-Addo had all been subjected to it.
“He is only feeling what Nana Akufo-Addo went through for eight years,” she remarked.
While acknowledging the need to regulate misconduct online, Ms. Daaku insisted that going after social media activists should not be a priority.
She noted that many political activists, including herself, had been insulted and attacked online but never called for arrests.
She concluded that President Mahama should focus his energy on solving pressing problems such as galamsey and the economy instead of concentrating on critics on social media.
By: Jacob Aggrey
