It is estimated that about 1.8 Million Ghanaian’s are embroiled in the MenzGold Saga with up $200 Million at stake.Reported on New file, JOY TV GHANA.
I will spare you the needless financial jargons.
6 Years into an ‘ear soothing’ investment scheme, the kind that mocked the baking industry for not being venturing, but rather repugnant, as it promised of study returns and greater rewards drew in the customers. The one that challenged regulators codes and ethics with guts and fury, and charmed many with stories of Gold bars, Gold Vaults and Gold Coins. An evolving story with unending twist and turns. This was the Menzgold story, now ‘Fool’s Gold’, grab a seat if you love Drama.
Ghanaians trouped in, just as ‘we’ do with everything, the news was that there was a new way to make cheap, easy money. In fact, you could use your Child’s fees as seed and watch as it reaps results, seemingly free cash. Back then, they thought ‘HE’ was the ‘Fool’, together with everyone who sounded caution. Now they know.
I could go on and one to retell a tale you know too well. But this will achieve me nothing. Because the harm has already been done, ‘the free milk’ was apparently not so free. It was a scam, as we are now allowed to call.
Initially, that was a quandary, maybe because of its glittering gold-plated offices or because it went around recruiting the faces and names of people we knew too well. Now it a fact, it was all a scam whether it offered jobs or made donations. And that is what scams do, they deceive by pretence. How surprising, clients today ask the government to act when they fought against the Bank of Ghana, (BOG) for looming doom. Hashtag istandwithMenzgold.
The truth is this wasn’t a scam of 1.8 million customers, it was a scam of the 24 million Ghanaians, you and I included. A scam of our Institutions and systems. BOG, SEC, Minerals Commission, all of the above.
Although a layman, it wasn’t hard to tell even our checks and systems were evaded by Menzgold otherwise why will a regulator who’s mandate it is to curtail the initiation of scams like these wait for it acquire a license, build tactics, and grow customers up to a million and over, before they act ? Their excuse of oh you can just shut it down like that doesn’t add up. Why wait for a zit to grow into cancer before you dally with a conundrum?
It fooled our systems and it put bare its supervisory weakness, It was merely a sleeping dog at the watch.
To some, this was a wage for the greed of their clients, the many who’s grabbiness earned them loss, but there is more, our insatiable greed coupled with impatience and the relentless pursuance of riches by all means and at all cost, totally rubbishing the consequences. Funny it is happening now, as we speak, people queues to see men of faith, who possess the pass to success, favour handkerchiefs, healing water and magic lotto numbers, the list could go on and wasting huge sum for nothing. I dare say it’s coming on that stretch too…
It’s not that they didn’t know it was a scam, they were ok because it was paying and paying quite well. Forgetting that scams always robbed the many ‘petter’s’ to pay the few ‘Paul’s’.
No one was left out of the deception plot, our religious figureheads were smiling in his shots with him, he sat beside leaders and got into high offices with ease. Ironically many are distancing themselves when trouble came, typical of us.
I seem to blur, the lines between the CEO and the entity here, because it is, the same side of the Coin, Like the Magical Gold coin he induced us to buy.
Need I say more, Menzgold is a lesson for everyone.
Wishing those who lost the best of luck in their search for solace.
Ps: I didn’t intend to rub salt in your wounds.