The Musicians Union of Ghana (MUSIGA) has lost ¢70,000 after investing in the defunct gold dealership firm, Menzgold Ghana Limited, its Vice President has claimed.
Bessa Simons made the revelation in an interview on Bozzlz TV.
The former member of the legendary band Osibisa, said that decision was taken by the National Executive Committee to increase their gains and help ease the financial burden faced by the union.
Thousands of Ghanaians have had their investments locked up with Menzgold following the revocation of its operations by the Securities and Exchange Commission, in September 2018.
Meanwhile, CEO of the Menzgold, Nana Appiah Mensah is in police custody after he was charged for defrauding customers under false pretence.
Nana Appiah Mensah has been accused of defrauding his customers, made up of some 16,001 people, to the tune of about ¢1.68 billion
“The National Executive Committee of MUSIGA made that investment with good intention, so if there is a problem I think we all have to wait, pray and make sure that it is corrected,” Bessa Simons said.
Bessa Simons is eyeing the MUSIGA presidency seat in their upcoming elections.
The musician who has served as the National Vice President for the past eight years, is opposing Ras Caleb Appiah-Levi, who is the current President of the Greater Accra Region.
The election, however, has been pushed back twice from its original date June 28 to July 10 and then to July 17 by the union’s National Elections Committee.
They explained after employing the services of the Electoral Commission of Ghana, the union wanted to let the Commission to finish with its limited registration before proceeding with the elections.
But the future of the election is still uncertain as Ras Caleb Appiah-Levi has secured an injunction from the Court.
He alleged bloated register and other issues which he is convinced will mar the process if not resolved.