Menzgold Ghana Limited was shut down in September 2018 following a directive from the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC).
Since then, there has been a determined effort by clients of the company to retrieve their investments from the company but to no avail.
Some government officials have revealed that there are no plans to settle the debts owed the clients by the company.
President Akufo-Addo has been officially silent about the Menzgold saga and this may remain so for a number of reasons:
1. Employ the use of spokespersons:
The Menzgold scandal has attracted attention from all corners of the country and a statement from the president ought to achieve a myriad of objectives on such a sensitive issue.
A photo of the president and the CEO of Menzgold Ghana Limited, Nana Appiah Mensah, caused a stir on social media, and for that reason, it may be best to resort to spokespersons to communicate his opinions and suggestions on the matter.
2. It should not be aggravated to the status of a national issue:
Statements from the president, more often not, are related to matters that that have reached national proportions. For that reason, a number of factors should be taken into consideration before the president makes a statement on the Menzgold saga.
3. Investors invested at their own risk:
There is a growing argument that since the clients invested their money by to their own free will, the president should not be dragged into the matter if they are unable to retrieve their investments.
4. Some ministries have stated the government will not pay:
The finance minister, Ken Ofori Atta and the minister of Information, Kojo Oppong Nkrumah, have clearly stated the government's position on the Menzgold saga. From all indications, the government is not ready to settle the debts and for that reason, there may be no just cause for the president to speak on the matter.
5. Creation of a precedent:
A statement from the president may create a precedent and give Ghanaians a reason to demand a statement from him whenever a similar issue arises, even though it may not be necessary for him to do so.
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