MENZGOLD SAGA: Minerals Commission And SEC Should Admit Failing The People Of Ghana – Minority MP

In the wake of the Menzgold scandal, Member of Parliament for North Tongu constituency, Honorable Samuel Okudzeto Ablakwa has stressed that the Minerals Commission and the Securities and Exchange Commission (SEC) should admit failing the people of Ghana.

According to the law maker, the two institutions together with several others did not do enough to stop the gold dealership firm from operating in the country. A failure which eventually led to a lot of Ghanaians investing huge sums of monies with the firm and ending up having their funds locked up.

Menzgold has not been able to pay dividends to its customers since August last year after SEC ordered them to stop their gold trading because they did not have the legal backing to do so.

Despite numerous warnings from the Bank of Ghana and SEC to deter people from doing business with Menzgold, people went ahead to invest in the venture and has ended up losing huge sums of money.

Speaking on Asempa FM’s Ekosii Sen programme this afternoon, Samuel Okudzeto Ablakwa stated that those institutions did not do enough.

“Institutions of State like Minerals Commission, SEC among others should admit failure over Menzgold. We must bow in shame for disappointing the people of Ghana”, the Member of Parliament said.

The Minority MP insists that Ghana is suffering from major policy deficits and that has paved way for such injustice to occur.

“We have major policy deficits that is why all these issues including Menzgold are happening. Even National Security policy, we don't have”, Okudzeto Ablakwa said.

He further bemoans why the Chief Executive Officer of Menzgold, Nana Appiah Mensah (NAM1) was given access to the Presidency to meet with the President and top government officials when our security agencies had not done enough background checks on him.

Meanwhile the Economic and Organized Crime’s Office (EOCO) has frozen the accounts of the NAM1. The body is following up that with a court order to secure NAM1’s properties.