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President Nana Addo Dankwa Akufo-Addo has never endorsed embattled Menzgold Ghana Limited or its directors, a statement from the Minister of Information, Kojo Oppong Nkrumah, said yesterday.

President Nana Addo Dankwa Akufo-Addo has never endorsed embattled Menzgold Ghana Limited or its directors, a statement from the Minister of Information, Kojo Oppong Nkrumah, said yesterday.

The Minister also refuted claims that the government aided the operations of the defunct gold dealership firm, as alleged by the leadership, communicators and members of the opposition National Democratic Congress (NDC).

He described the comments as shameful, appalling and said they smack of political desperation” as the NDC takes advantage of the pain and loss of the firm's customers to taint the government.

“It must also be put on record that President Akufo-Addo has never endorsed the company, its officials nor its operations,” the ministerial statement said.


The NDC has taken issue with the President over a photograph taken with the chief executive of Menzgold at the Presidency, claiming that it indicates an endorsement of the company.

Mr. Oppong Nkrumah explained: “In that photograph, officials of the GFA and CAF [Confederationo of African Football], including its president, Ahmad Ahmad, paid a courtesy call on President Akufo-Addo on 25 April 2018, a day before the University of Professional Studies (UPSA) was to confer an honorary degree on the CAF president.

“The then GFA president, Kwesi Nyantakyi, invited Nana Appiah Mensah to that meeting because his company, Zylofon, on 21 April, four days before the meeting, had signalled its intention to sponsor the Ghana Premier League.”

He noted that it could not be the case that traditional, religious, entertainment, business and political figures who took photographs with officials of the company are complicit in its operations and the alleged fraud perpetrated against customers.

Menzgold began under NDC

The Information Minister further explained that Menzgold commenced operations in 2013, during the tenure of John Mahama and the NDC, and not in 2017 as pretended by the NDC.

“Attempts by leading members of the opposition NDC to claim that the company commenced its operations in 2017 and thus the current administration ought to be blamed for the misfortune only expose the desperation of the opposition party,” he said.

Court dumps Menzgold

Meanwhile, an Accra high court yesterday dismissed a writ filed by Menzgold against the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC).

The troubled firm had gone to court challenging the authority of the two state institutions over their purported intervention in its gold vault market dealings.

The court, presided over by Justice Akua Amoah, dismissed the suit after a preliminary legal objection raised by the defendants.

They had argued that Menzgold failed to exhaust all the regulatory mechanisms for redress before rushing to court.


The embattled gold dealership sued the two state institutions in September 2018, after its licence was revoked by the SEC.

In its suit, the company sought an order from the court directing the two institutions to stop interfering in its business.

Menzgold also asked the court to stop them from publishing what it described as “derogatory notices” against its business activities.

The firm also wanted the BoG and SEC to publish an unqualified retraction and apology for the notices they had published against its operations.

It further asked the court to tell both institutions that its gold dealership business does not fall under any of their laws.

Arrest warrant

Yesterday’s court ruling comes in the wake of a bench warrant issued for the arrest of Nana Appiah Mensah (NAM1), chief executive of Menzgold; Rose Tetteh, his wife; Benedicta Appiah; Abigail Mensah, his sister; and other directors of the firm.

The court warrant explained that the suspects are to help with investigations relating to “defrauding by false pretence contrary to Section 131 of [Act] 29/1960”.