3 protests in 3 months: Menzgold clients warn gov't of 'Borborlibobor'

3 protests in 3 months: Menzgold clients warn gov't of 'Borborlibobor'
Source: Ghana|myjoyonline.com|edwin.appiah@myjoyonline.com
Date: 02-04-2019 Time: 12:04:43:pm
Menzgold demonstrators say life has been unbearable since the company closed down eight months ago

Scores of Menzgold customers have repeated threats to the government over their trapped investments in the business described as a Ponzi scheme.

They have got a song to go with the threat: “Borborlibobor.”

And so scores of peeved investors sang and danced to the song that essentially reminds us of the personal dread of judgment day.

“Adaa Yesu b3ba no wo beti bobolibobo” they marched on and danced. A brass band beating out the rhythms that sub-consciously supplies energy to keep dancing.

These are victims of a business that in good times made them victors over life’s financial problems.

Promised between 7% to 10% monthly returns on investments, a Menzgold customer could make 120% returns a year. Good times.

But regulators finally moved in after several warnings against depositing monies with the so-called gold dealership company which they maintained had no licence to operate.

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The Securities and Exchange Commission ordered it shut down its gold dealership operations.

Everything has unravelled since that day in September 2018. The customers spanning respected professionals have been bashing government and state institutions for tolerating the business for more than four years since it began operations.

They want their monies back. But the CEO Nana Appiah Mensah (NAM1), a high-flying socialite, is no longer in the country despite having bail conditions that forbids travels.

He is in Dubai where he is standing trial for a business deal gone bad, government said.

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With the man nowhere to be found, government is having to bare the brunt of the clients anger.

This is the third demonstration in three months. January 8, 2019 in Ashanti regional capital Kumasi ahead of the President’s visit to the region.

In Febraury 19, 2019, in Western regional town, Tarkwa where small-scale miners, illegal miners, laid-off miners put a fortune in the company.

Then in April, 2, 2019, the customers have started another demonstration in Accra.

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 This time massing up at the Economic and Organised Crime Office which was supposed to keep an eye on NAM1 but failed and the Securities and Exchange Commissions office which was supposed to regulate it but is believed to have slept on the job until it late.

They want the assets of Nana Appiah Mensah sold to pay them off. The Finance minister Ken Ofori-Atta has revealed, at least 200million cedis remain locked up in the company.

He indicated assets belong to the company and its CEO are being liquidated.