Menzgold Ghana Limited has been in the news in recent times for all the interesting reasons.
Their challenges with the Securities and Exchange Commission (SEC) and the Bank of Ghana (BoG) have raised eyebrows, as the issue of who regulates their business has been at the core of most debates.
It may not be surprising to realize that Ghanaians will overlook Menzgold’s challenges and race back into their arms in the near future:
1. Most Ghanaians have soon forgotten about DKM and other related scandals:
Ghana was recently rocked with a scandal involving DKM Financial Services Limited, and it appears as if all too soon, the clamour for the retrieval of deposits with the company had died down.
2. The desire for quick money:
The promise of substantial interests on investments caught on with several people, leading to an upsurge in investments with Menzgold. Another promise of similar benefits may yield similar results.
3. Menzgold creates the impression it is well resourced to do business:
Menzgold, led by Nana Appiah Mensah, has successfully branded itself as a company with adequate resources to satisfy the needs of its clients. Money to weather financial storms therefore appear to be adequately secured.
4. Celebrity endorsements:
Images of a number of popular Ghanaians, such as Jackie Appiah and Stonebwoy, have been seen on billboards endorsing Menzgold. It is therefore easy to channel the needed message through them to their followers.
5. Constant assurances from Menzgold to customers
Right from the beginning of the media reports about Menzgold's activities, it has relayed various messages of assurances to its clients, and that may have given Ghanaians a reason to believe that there is hope for the future.
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