Gov’t handling of Menzgold saga ‘downright incompetent’ – Expert
Government has been slammed over its handling of an unregulated investment company that has left thousands desperate to retrieve locked up cash.
Security analyst Dr. Kwesi Aning weighing in on the Menzgold saga said the handling was “downright incompetent” and “extremely ineffective.”
The communication from government and state agencies he said was faulty.
“The narrative around such people is that oh well, we don’t care. You people are very greedy,” Dr. Kwesi Aning called this wrong in an interview on Joy FM’s Super Morning Show Monday.
He said the state should not have dismissed the frustrations of anxious clients even though it had.
The security expert was referring to the Bank of Ghana which issued the public several times against transacting business with the company that promised 7%-10% monthly returns.
The Finance Minister also said clients at Menzgold were motivated by greed as he ruled out a government bail-out for the affected customers of the unlicensed venture.
Clients of Menzgold have also been ridiculed on social media with wide sections of society blaming them for falling for a Ponzi scheme despite warnings.
Dr. Aning said beyond warning the public not to do business with Menzgold, the state if it was a functional one still had a responsibility to ensure that “criminal enterprises are not successful.”
He said the state failed to check the background of Nana Appiah Mensah, his teamwork and the “network that supported the con game.”
“If official institutions failed…and you are now blaming me an ordinary person then …it releases anger, disaffection and pain”, he said and drew attention to the number of clients with Menzgold reportedly around 60,000.”