It’s been four months since the start of what Menzgold investors would call a nightmare when their hard earned money got locked up with the gold dealership firm when securities and exchange commission ordered the closure of its gold vault trading market as it was unlicensed.
It has been alleged by many economists and ‘wise men’ that the Nana Appiah Mensah owned company was running a ponzi scheme which is tantamount to fraud and therefore a criminal offence.
But since the whole saga began, the only soundbite out there from any government official is “The customers of Menzgold were greedy”, said by the Finance Minister, Kennedy Ofori-Attah.
The issue at hand is whether or not running a ponzi scheme is a crime?, Running a business that has caused millions to lose money without a license is a crime?
Greed for all I know is not a crime if no one is harmed or defrauded in the process. We live in a country that touts itself as abiding by the tenets of the rule of law and the law is explicitly clear that Fraud is a crime.
According to the constitution, criminal offenses are prosecuted by the state through the attorney general’s office and not the citizenry. So I ask, why is Nana Appiah Mensah a free man when he should be in jail awaiting trial for defrauding millions of their money, operating a business without license contrary to statutory law which in the process caused loss of money and property to others.
Many have alleged the president’s complicit in the case because NAM 1 sponsored his election campaign in the 2016 elections so the least he could do to pay him back is to do nothing.
The president is the head of the executive, commander of the armed forces and Ghana police service. The state doesn’t need any complaints from a customer to make an arrest since it’s criminal in nature and national in magnitude and the law doesn’t mince words on that.
The failure of the president to speak up or act personally or through his officials on the case further cements the notion that he may be involved in this, afterall he legitimized Nana Appiah Mensah by receiving him at the jubilee house and commending him for his success.
Will the president continue to keep mute on this issue, will he step in as is being rumored? Whichever path he decides to tow, December 2020 is just around the corner and 1.8million votes of Menzgold customers are more than enough to show him the door.