Dancehall artiste Shatta Wale has pleaded with the Bank of Ghana (BoG), the Securities and Exchange Commission (SEC) and other regulatory bodies to stop tormenting gold dealership firm Menzgold Company Limited.
Shatta Wale’s record label, Zylofon Music, is owned by Menzgold’s CEO, Nana Appiah Mensah (NAM1) as part of other investments.
Menzgold has been unable to pay its clients their dividends due to an ongoing battle with SEC and BoG over its operations.
While the state institutions say the company has not been licensed to take deposits, Menzgold insists it does not take deposits and does not answer to the two institutions.
Some clients who have not been able to access their dividends are seeking to terminate their contract with the company, while others have hinted at dragging Menzgold to court.
Commenting on the development, the self-acclaimed dancehall king said: “There is a way to go about this thing even if my CEO, my chairman didn’t go with the procedures well”.
According to him, the development has brought untold hardship to Menzgold clients, as some people have all their life savings in the gold investment product.
He revealed that some female clients have been divorced by their husbands while others have lost their jobs because of the Menzgold saga.
“Through this Menzgold [issue], there is a whole mess in many homes, people have divorced their wives, there are people who have been sacked from their jobs”.
He is, therefore, appealing to the authorities to solve the situation amicably for everything to go back to normal.
“The number of people that I know on the streets who have their monies at Menzgold, it is crazy and I expect the government to sometimes have a feeling for the streets because when things of this nature happen and people are talking and people are complaining, I believe the government needs to stand up. This is Ghana; we need to solve certain problems because people are suffering,” he stressed.