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Menzgold : Statement Issued By Mr. Forjour Shadrack and Mr. Nii Armah Amartey Fio.

Statement Issued By Two Menzgold Officials On Zylofon FM. Mr Shadrack Forjour Marketing Manager operation and Mr Nii Armah Amartey Fio Acting Head Of Operation.Monday 29th October,2018. 

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Menzgold  is in the fifth year of its operation in Ghana , the main operation of Menzgold is gold dealership , we buy and sell gold. Menzgold started at Kasoa High tension in Ghana and moved to Kumasi, had one of the branches at East Legon that is the formal office of Menzgold, other branches at Tema, Kaneshie, Dzorwulu and Tarkwa, in all, there are seven branches in Ghana. Around the world, currently we have Office in Spain, UK and Nigeria, Menzgold also has an office in USA and is yet to be launched.

Menzgold has come this far to have, close about 1200 staff base. The company has been the leading gold company currently in Ghana though Menzgold as a company hasn’t started their own mining company yet but we are part of the gold export industry.
Menzgold as a gold dealership company allows one to buy gold and have it, the person who buys the gold at Menzgold, for profitability, could ask the company to export his already bought gold for valuable returns.

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The current problem the company is facing, started way back three years ago. The issue is between Menzgold, SEC and BoG. Menzgold has not been charged with any criminality. The company(Menzgold)  has sued SEC and BoG for  a clear explanation on the company's(Menzgold) stance because the company does not accept deposits, is whether people come to buy or bring in their gold. The top officials of Menzgold has made it clear to SEC and BoG that if there is any rule or regulation, the two parties SEC and BoG should come together and make the company know about it. 

This issue as we see today started in 2014   -  2015. The company is asking, when Menzgold was opening office in Spain, UK, USA and Nigeria didn’t those countries government review the company’s module of operations? If there was anything deterrent, wouldn’t Spain, UK, USA and Nigeria have  come down to Ghana to review Menzgold operations and find out the kind of dealership the company holds?

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The media and the government know what Menzgold does, because when it comes for the company to do shipment or export gold abroad, don’t they see and know about it? And even the taxes and returns the company as Menzgold pays to government and SSNIT the company also pay to its staff should be a vivid identification on what Menzgold does. Everything is just hypocrisy.

For the past 5 years Menzgold has been in operation, there is not even one  issue that has come up, saying Menzgold has sold fake gold to its clients or somebody brought in gold and was not returned back to the person. 60,000 clients as at now haven’t complained of anything of that sort, until this recent issue.

The Acting Head Of Communications, Mr. Nii Armah Amartey Fio continued, Menzgold didn’t start from the blues, the company started working on the legal procedure to get the right documents and licenses for full operation.

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There is legal agreement between Menzgold and the Ministry of Lands and Natural resources (then government), which they signed on 22nd  of August, 2015. The agreement stated clearly that Menzgold has the mandate to export and import gold. 2b of the same agreement, it says Menzgold has the right to appoint an agent and that agent will now buy and sell gold for license small scale miners and that made them set up the bureau marketing company(Menzgold).

Initially when Menzgold started operation, people were coming  straight to them to buy the gold because the company has the license to do that negotiation. BoG said because the company is taking cash, giving people gold, and accepting deposits, so there was the need to go back into the  agreement.

The agreement gave the company the power to establish a buying agent company to buy the gold on the company’s behave. So they established bureau marketing, afterwards, people ceased to come to Menzgold to buy gold, the people started going to bureau market to buy gold. From time to time, people started raising question about where the company got the gold from. The agreement talks about the license they have for the company to run such negotiations  and do operation .
The company has license to operate from  the Minerals Commission themselves, they gave the license signed by the Deputy Acting Manager himself.

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There was an update on 8th of October,2018 that Menzgold will meet with the stakeholders after they have taken a decision to pay the initial percentage for all customers on the principle percentage for those who  want to terminate their dealership with the company.

There has been a move to switch to online marketing way back in January and is not due to the current issue, with the on-line marketing , every individual can stay in the comfort of their homes or anywhere and do transactions with the company, this is for those clients who want to still buy and sell gold.

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The company is assuring its clients that the happiness they used to have for Menzgold will definitely come back to them again.

The migration(moving into on-line marketing) shows Menzgold is still working.
The Menzgold ability to pay 15 percent principle means , Menzgold has to work before it can pay its clients, further more, if some clients still want their money back, some of the amount of the client’s percentage  will be taken in a period of six months for the company to work with it and get more to pay all principle percentages  in full to all clients.

The online marketing gives an option to select , whether one may need the transactions to be done through  mobile money, bank account etc.

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