Well, to add my voice to the whole Menzgold clamour, I am of the view that it was a deliberate act to collapse the business, at least from critical analysis.
Before you draw early conclusions and cast stones at me, kindly lend me your eyes and make it to the last paragraph…
Of course, don’t you think government would always want to be in sovereign control of the financial sector?
How would the traditional banking sector, together with treasury bills and Savings and Loans companies fare, had Menzgold thrived?
Menzgold and its affiliated organizations were fast becoming household names, and would have conquered the entire investment sphere in Ghana, and extended that dominance to neighbouring countries as well.
The enormous Nigerian market had already been ‘seduced’ and was open to be conquered, but for the unfortunate pressing scandal in Ghana surrounding Menzgold and its management.
Nigeria had already sniffed Menzgold’s presence, and were ever ready to jump in.
That initiative would have propelled Menzgold to another level.
Did NAM Have Good Intentions?
Is He A Default Fraudster?
Yes, Nana Appiah Mensah had good intentions, if you ask me.
Nana Appiah had nothing to hide, considering all his projects in the entertainment industry.
And Menzgold would have excelled smoothly.
Was Menzgold A Ponzi Scheme?
Well from my deductions, I will call it a semi-ponzi scheme.
Fact is, Menzgold was dealing in pure gold, but the gold price had its bearish or ‘downsurge’ moments on the stock market as well, just like every commodity.
Thus, maintaining a fixed 10% profit rate throughout, irrespective of the bad market periods where 10% profit was not achievable, was highly questionable.
However, I believe Nana Appiah Mensah still had the expertise to control this and keep it running, like he masterminded for 4 to 5 years with no blemish whatsoever.
Government could have extended a helping hand, instead of a corrosive one though.
But hey, government would always despise stiff competition in the financial sector, especially when it comes in full force against the traditional banking sector.
Why would the average Joe keep his money in the bank if it would earn him 10% monthly profit elsewhere?
Nana Appiah was also becoming way too powerful and was slowly directly or indirectly nurturing his political wings.
Well, of course, don’t you think threatened politicians would attempt to cut off those wings?
‘How dare’ him promise thousands of jobs and also try to ‘fix’ the entertainment industry, under the motto “Ghana Shall Prosper”?
A sarcastic rhetorical question, please don’t answer!
Also, demanding Menzgold to release all investor funds, is just like trying to walk an hippopotamus through the eye of a needle; it is impossible!
How many banks would STAND, if we all send in full withdrawal requests at the same time to our various bankers?
Governments worldwide will always protect their interests, and make investors almost fully dependent on low paying treasury bills, and fixed bank deposit investments.
Why do you think the global elites are fighting so hard against Bitcoin, and Cryptocurrencies wholly?
On the other side of the investment coin, most banks have professional Forex traders and real estate developers who trade with our savings, make as much as 5% to 15% monthly profits, and pay us peanuts annually.
Menzgold would have continued to thrive, but for government’s ‘intervention’, my humble opinion.
Yes, Menzgold didn’t operate fully with clean hands, but so do these local representatives of the ‘global elites’ that are calling for equity.
A tale of two Ponzi schemers, but hey, governments will always “legally” win!
Also Read: This Guy Tried To Scam Me, This Will Make You Laugh Out Loud