Set up bi-partisan committee to investigate Menzgold fiasco - Ablakwa

The Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa has called for a bi-partisan enquiry into the debacle of troubled gold firm Menzgold.

Samuel Okudzeto Ablakwa

He questioned if indeed the business model of Menzgold to ascertain if it does fit the classical definition of a Ponzi scheme, how was the gold firm allowed to operate all these years?

Menzgold has been in the news following disagreements with the Bank of Ghana (BoG) regarding its operations.

Scores of angry customers staged numerous demonstrations in the country to demand their locked-up investments.

The clients want government to use its power to make Menzgold honour its contract to them.

The NDC MP reacting to the scandal is pushing for a bi-partisan committee to probe the Menzgold saga.

In a Facebook post, he wrote "Elsewhere, their Parliaments would have long commenced a full blown bi-partisan enquiry into this Menzgold debacle.

In the very least, the Terms Of Reference would have included:

An understanding of the Menzgold business model to really ascertain if it does fit the classical definition of a Ponzi scheme;

If indeed it was a Ponzi scheme, how was Menzgold allowed to operate all these years?

What led to the inability of the State to carry out it’s basic non-negotiable public duty of protecting citizens by the seeming abdication or impotence or complicity of regulators, tax authorities and the national security apparatus?

An assessment of the impact of Menzgold’s collapse on the economy and mitigation options;

The true circumstances of how Nana Appiah Mensah left Ghana and if indeed he is on the run;

Exploring possibilities for the compensation of the millions of Menzgold victims especially after a thorough credible independent tracking of Nana Appiah Mensah’s assets and bank accounts across the world;

An examination of the existing legal and enforcement climate in Ghana which makes it possible for such to happen and recommendations to forestall future occurrence seeing that apparently many of such schemes are going on waiting to explode in our faces in a matter of time.

I sincerely pray for the day our parliament will shed off it’s rather sad reputation of being weak and tied to the apron strings of the Executive.

I sincerely pray that some colleagues across the aisle will have the courage to join those of us on this side who believe we can look into this matter in the supreme interest of Ghana irrespective of partisan considerations and really depart from the farcical precedents of recent bi-partisan probes where partisanship trounced truth and conscience.

Even though I am in no way connected to Menzgold, neither am I one of their victims, contrary to infantile fabrications in circulation; it is my considered view that those of us in elected office and who ought to act as the true representatives of the people cannot afford to fold our arms and merely join the greed and naivety chorus.

Leaders and especially the people’s representatives cannot abandon nor betray their constituents in such a crude manner as being suggested by some. That would not be the kind of representative democracy Rt. Hon. Justice D.F. Annan, Rt. Hon. Peter Ala Adjetey, Hon. J.H. Mensah and others laid down their lives for.

May this 7th Parliament stand up to be counted and may history not say of us that we were the representatives who failed to represent the people and failed to secure the people's future when the opportunity beckoned."


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