What does the face of MenzGold poverty look like?

Man On Gold.jpeg File photo

Tue, 18 Dec 2018 Source: Yaw Osei

The face of menzgold poverty looks like tens of thousands of Ghanaians stranded financially without hope in sight.

The face of Menzgold poverty looks like local, uneducated people who have lost their life savings unable to retrieve investments that were all but guaranteed.

It looks like Ghanaian stars, doctors, lawyers and a PhD student returning to London with his life savings completely depleted. It looks like retired old men who have worked for over 20 years in the U.S and are now relying on their children to make it through Christmas.

Menzgold poverty looks like women who don’t have enough money to literally buy ice water because they invested over 20,000 Ghana Cedis each in a virtual gold company.

So you may leave your anonymous comments about our ‘greed’ and your delight at our plight’ but the face of menzgold poverty looks like regret, pain, anguish, helplessness and bewilderment that over 50 million U.S dollars can just vanish without a trace and all the Minister of Finance can volunteer and say is that ‘the investors were greedy people’ for thinking that they could legitimately get 10% each month from their investments.


Life goes on, the President flies off to Japan, staff at the Attorney General, Financial Intelligence Center, Bank of Ghana, CID, Interpol (Ghana) and the President’s staff read their newspapers and wait for 4pm to strike; unmoved as to the stranger who may well be their neighbour, distant relative or friend across the street.

Yes, investors advised themselves wrongly, yet the nature of being a VICTIM is to be taken advantage of and to desire those in authority to retrieve and return funds to Ghana (at all cost), should Menzgold not start paying monies owed in monthly instalments or a lump sum as per the investors’ agreements.


The truth is most banks in Ghana are happy at what seems to be the imminent downfall of Menzgold (should they not turn this situation around by getting enough new international investors). Banks in Ghana are happy because they could not persuade customers to keep their deposits in the banks since customers were gladly taking deposits to Menzgold.

The truth is that Menzgold would have continued for at least the next ten years had they been allowed by government to keep taking deposits.

The truth is old men with power in Ghana did not like the success of a 32-year-old with a big idea and not enough structure to keep his operations afloat.


SEC still has the opportunity to license Menzgold so Menzgold can start taking in new deposits and investors can be paid at least their backlog until Menzgold win back the investors confidence, failing which, return the majority of investors money. The government can also slap menzgold with a fine and license them.

All menzgold bank accounts in Ghana have all but depleted since they were unfrozen for months and should Menzgold continue not to collectively pay us, government has the power and obligation to strategically claw back money and assets from abroad and extradite whoever they need to extradite since the CEO does not own the buildings of the businesses he operated out of and we hold people accountable in Ghana.



With thousands of aggrieved investors who vote during presidential elections and who in turn also have family that vote, NPP may be forced to incorporate this matter into the next Presidential election and settle the deposits of Menzgold customers in a similar manner to how the NPP fulfilled its 2016 election campaign by settling the deposits of the collapsed micro-finance firm DKM.

Columnist: Yaw Osei
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