Government explains Akufo-Addo, NAM 1 photo

General News of Friday, 11 January 2019



The Menzgold Boss was part of a delegation from CAF that paid a courtesy call on the President

Government has moved in to explain a viral photograph that shows President Addo Dankwa Akufo-Addo in a warm handshake with the embattled Chief Executive of Menzgold, Nana Appiah Mensah.

The photograph has been cited by a section of the Ghanaian public as proof that the Presidency endorsed the controversial business activities of Mr Mensah (popular known as NAM 1) who is currently declared a wanted man.

An arrest warrant has been issued by a court for NAM 1, his wife and sister after the investment firm failed to pay investors’ capital and dividends.

In a statement on the saga, Information Minister, Kojo Oppong Nkrumah said, contrary to assertions that the President endorsed the operations of Menzgold and NAM 1, he never did any such thing.

“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 [opposition National Democratic Congress [ NDC’s use of a photograph taken at Jubilee House, where Nana Appiah Mensah is seen.,” the Minister stated.

He explained further that, “In that photograph, officials of the GFA and CAF, including its President, Ahmad Ahmad, paid a courtesy call on President Akufo-Addo on 25th April 2018, a day before the University of Professional Studies, Accra (UPSA), was to confer an honorary doctorate degree on the CAF President. The then GFA President, Kwesi Nyantekyi, invited Nana Appiah Mensah to that meeting because his company, Zylofon, on the 21st of April, 2018, 4 days before the meeting, had signalled its intention to sponsor the Ghana Premier League. 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.”

The government also said it cannot and will not use the tax payer’s money to settle the aggrieved customers whose funds are locked up with the firm.

The statement issued on Thursday explained that although government sympathises with customers of Menzgold, the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) are not “clothed with any legal mandate” to refund monies to clients.

Read the full statement below.

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