When The Banks Breed Greed

Well, for some personal reasons I decided not to engage in the discussion of Menzgold and Nana Appiah Mensah but I will.

You invest your money at a licensed bank and you are given 10% or less percent per annum.

You access a loan at the same bank and the lending rate is between 25 to 32% per annum. The excuse is high risk even with collateral . That is a big lie. Why do the banks insure the loans they granf? It is even possible that they just charge the premium without actually insuring the loans.

Considering the above, why blame and call the ordinary Ghanaian who invested with Menzgold greedy and call NAM a scammer?

Are the so called banks in Ghana not the big liars and scammers? Why have so many of them fallen apart? People have lost confidence in the financial sector and for that matter, the banking system that is why they opted for Menzgold even if it was a Ponzi Scheme.

When you blame Ponzi Scheme, blame the Banks too....

The investors have no contract with NAM as a person, rather the company which can sue and be sued. I am informed fraud has been cited against him but the court would decide if the state is able to produce an acceptable evidence to back their charges. It is fraud that can trigger the corporate veil to be lifted. NAM has no case to prove. The onus is on the prosecution.

Some members of parliament took double and triple salaries, what step has the government taken to bring them to book? Is that not also fraudulent? We still have our monies with politicians and they walk free.

This only happens when we term Kakistocracy as Democracy. If NAM is a scammer, he is no different from the double salary beneficiaries.

For now, the investors should pray he has the money to pay them. His personal assets cannot be liquidated to pay anyone until he is found guilty at a court of law.

NAM is innocent of all charges until proven guilty