Spio Garbrah denies investing in Menzgold

According to him, he will "avoid investing in any institutions whose interest rates and other promises do not conform to reality."

His comments come at the back of Menzgold, that 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.

Spio Garbrah in a statement said he has not invested his money with Menzgold.

He said "Having studied International Banking and Finance at New York University, and with professional working experience in such reputable global financial institutions like the International Finance Corporation ( World Bank Group) and the African Development Bank, I have been trained to avoid investing in any institutions whose interest rates and other promises do not conform to reality.

CEO of Menzgold, Nana Appiah Mensah Pulse Ghana

"I sympathize fully with the fate of those who invested in Menzgold and other suspicious schemes. However? I call on Ghanaians to be more circumspect when presented with investment opportunities which are too good to be true.

"If elected as NDC flagbearer and eventually as President of Ghana, I shall ensure more proactive action by Ghana's financial regulators, such as the Bank of Ghana and the Securities and Exchange Commission, in order to protect unsuspecting Ghanaians against fraudulent and criminally minded entrepreneurs."

However, the Chief Executive Officer (CEO) of Menzgold, Nana Appiah Mensah, has reportedly been arrested.

The young businessman has come under fire after an Accra Circuit Court issued a warrant for his arrest last week.

The arrest warrant follows the failure of Menzgold to refund the investments of aggrieved customers who have their monies locked up with the gold dealership firm.