Home SHOWBIZ SONA 2019: Learn from Menzgold debacle – Akufo-Addo

SONA 2019: Learn from Menzgold debacle – Akufo-Addo

President Akufo-Addo has admonished Ghanaians to learn from the catastrophic end of beleaguered gold trading firm, Menzgold.

He said the unfortunate incident which caused many customers their life savings is a “tragic phenomenon which occurred in plain sight”.

The MenzGold debacle is a tragic phenomenon that appears to have occurred in plain sight, and affected a lot of people, in spite of warnings from official institutions” he stated while delivering his third State of the Nations Address in Parliament Thursday.

Customers of Menzgold continue to demonstrate as they continue the push to retrieved locked-up investments in business now described as a Ponzi scheme.

This is the second demonstration in the last 50 days after staging one in the Ashanti regional capital, Kumasi on January 8, 2019.

Numbering a staggering 500, the clients in red T-Shirts marched the streets with their placards pointing blame on government and state institutions for failing to help them get their money back.

But President Akufo-Addo said the customers did not do due diligence as signs of Menzgold being a ponzi scheme was glaring.

Whiles state authorities try to unravel the intricacies of the MenzGold saga, he urged Ghanaians to be cautious when doing investments.

“I admonish Ghanaians to learn the necessary lessons, even as State institutions work to bring a resolution and those who indulged in criminal activities, are brought to justice” the President stressed.

President Akufo-Addo was however happy with the inauguration of Financial Stability Advisory Council, such ponzi schemes will be prevented.

“The existence of a body such as the newly-inaugurated Presidential Financial Stability Advisory Council would have forestalled the emergence of the Menzgold saga, and will make it difficult, in future, for any such scheme to get off the ground” he added.

By: Source: Adomonline.com

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