Gov't endorsement of NAM1 enhanced his credibility - NDC

The National Democratic Congress says if it was not for the endorsement of Pesident Nana Addo Dankwa Akufo-Addo, only few people would have invested in failing gold dealership firm, Menzgold.

Communications Director of the party, Sammy Gyamfi at a press briefing said Ghanaians who would have otherwise not invested in the company felt the business was genuine because they saw photographs of the President and the firm’s CEO, Nana Appiah Mensah, circulating on social media and other news media platforms.

“The Menzgold problem is largely the creation of Nana Akufo-Addo government. This is because the many overt acts of endorsement and advertisement of Menzgold and its CEO Nana Appiah Mensah, also known as NAM1 by the president and his appointees are inextricably linked to the present predicament of Menzgold customers.”

“Undoubtedly, the open endorsement of NAM1 and Menzgold by this government greatly enhanced the credibility and legitimacy of Menzgold in the eyes of the general public and encouraged many people to invest with the company even after the Bank of Ghana had cautioned against it,” he added.

NAM1 has been arrested in Dubai

The CEO of Menzgold is being sought by customers of the company who investments have yet to be paid. NAM1, according to the police, has been arrested in the United Arab Emirates capital, Dubai after a gold deal he had gone to chase went wrong.

Already, he has been charged for defrauding by false pretence and allegations of money laundering since his inability to pay the customers came to light. A high-powered delegation has been sent to Dubai by government to push for his extradition so he can face the laws in Ghana for operating an illegal business.

Since the news about the failing company came to light, many accusations have flown around with the opposition NDC blaming government, whose actions, it believes gave credence to the operations of Menzgold.

The Information Minister, Kojo Oppong Nkrumah, has already said the President never endorsed Menzgold.

Photo: The East Legon branch of Menzgold

“Indeed, the President has NEVER posted any tweet on his official Twitter handle expressing his admiration for the "success story" of Nana Appiah Mensah. It is also important to debunk the [oppostion National Democratic Congress [NDC's use of a photograph taken at Jubilee House, where Nana Appiah Mensah is seen.”

In reference to a circulating photograph of the President and NAM1, the Mr Oppong Nkrumah explained that the Menzgold CEO was part of a Ghana Football Association (GFA) delegation that paid a courtesy call on the president when he made his intentions of sponsoring the Ghana Premier League known.

The President NEVER had a one-on-one meeting with Nana Appiah Mensah as the NDC would want Ghanaians to believe. Again, the company and its officials have NEVER been part of any government delegation accompanying the President on any presidential visit. Speculations that the company acquired 85% of its clients in the last 24 months are also an obviously cheap attempt to link the government to a very unfortunate situation.”

But the NDC will have none of that.

Photo: The president in a handshake with NAM1 during a visit to the presidency

Mr Gyamfi told journalists that the president did not have to openly declare his support for the company for it to seem so.

He said “government’s claim that NAM1 was included in the said delegation because had expressed an intention to sponsor Ghana football league is an afterthought and poor attempt at defending the indefensible.”

“The fact that he had expressed an intention to sponsor the league did not make him an official of GFA or CAF. Ordinarily he had no business joining the delegation and out president had no business meeting with him.”

For the NDC, it is preposterous that a sitting President would meet with someone simply because he declared an intention to sponsor Ghana football.

It is something that has not happened before and it should not ever happen, Mr Gyamfi said, adding “when in this country have you seen former presidents Kufuor, Mills, Mahama or Rawlings meeting with potential sponsors of Ghana’s football league. It is not the job of the president to do that so he had no business meeting him in the first place.”

The NDC is convinced that it is that meeting and its outcome further deepened the confidence in the activities Menzgold and wooed unsuspecting Ghanaians to invest with the company.

Read Full Story