Business Ghana 


Ghanaians must eat to survive and for that matter they need food to eat foods are available on the market in various processing forms: some are in a raw state, some are canned, some are bottled, etc.

How could the ordinary Ghanaian who is not privy to how these foods are processed knows that the foods on the market are healthy and for that matter, edible?

To undue the harzards that might have caused from these foods on the market after eating, the government has assigned the duty of making sure that the foods on the market are healthy and edible such that it would not pose health problems on Ghanaians after eating such foods to the FOOD & DRUGS AUTHORITY to scrutinize these foods, approve of their healthy and edibility, award approval licence or certificate to penetrate the markets.

In this case, who is to be blamed if Mr “A” buys and eat a contaminated food on the market? Undoubtedly, FDA authorities must be held resprehensible to suffer the regorous of their nigligence.

In same manner, the financial market, inclusive of Micro Finances, savings & loans, Rural Banks, substantive Banks, and other financial institutions are operational under the supervision, control, monitoring; proper,effective and efficient management of the institutions to making sure that they follow and comply with the financial management principles of BOG judiciously and prudently.

In this regard, anyone, be it individual or group, who desires to establish any of the aforementioned financial categories must satisfy a requirement requisite of awarding a certificate of operation by BOG which in default can never operate a financial institution?

Is it not surprising and mind boggling to always hear that the good people of Ghana who are business oriented deposit their monies with financial institutions with the hope and trust that BOG with their expertice and with due diligence had mandated them to operate to the benefit of Ghanaians, ends by losing their capitals by these thieves just like that without punishing the Governor of BOG and his subordinates for reneging on their duties to protecting the Ghanaian people’s purse?

The most unprofessional and irritating statement I always here from the BOG officials is that ” we discovered that they are operating without licence and we advised Ghanaians to not deposit their monies with them” – what an empty talk!


(1) Who controls the financial market?

How can a financial institution be operated in the country?

If, be it, an individual or a group operates financial institution without the consent of BOG, how could the perpetrators be described, lawbreakers or lawabiders?

If somebody or some group sneaks/sneak their way into operating financial institution must they be arrested or not?

If an illegal financial institution is discovered, must they be allowed to operate to dupe people or that institution, irrespective of how giant it is or the caliber of people who owns it, must be closed to safeguard the innocent Ghanaians purse?

Is it that Whenever an illegal financial institution is discovered, the only action of BOG is to advise Ghanaians to not trade with them?

Providing convincing answers to the questions above will make grounds to know who to be blamed, not only for this MENZGOLD looting, but right from PYRAM looting, Micro Finances looting, the looting of DKM, Noble Dream, Lord Winners, Eden, etc.

Others are Kapital Bank, Royal Bank, Beige Kapital, GN Bank, etc.

The collapse of all these financial institutions has rendered some innocent Ghanaians poor because of somebody’s thievery demeanor or poor management.

The most grievous aspect of this bank looting is that one’s it is announced that the bank is liquidated, your money is lost without retrieval yet the BOG officials who supervised the looting would still be at post receiving their gargantuan emoluments – what a cheap country?

My Advice To MENZGOLD Victims

Somebody reneged on his duty to close down MENZGOLD which according to the BOG was operating illegally.

The Genesis of MENZGOLD as to when and how they got the power of operation without licence not limiting yourself to the situation today must be traced to fault some people and prosecute them.

No institution could be held reprehensible apart from BOG. A Governor of BOG, not necessarily the present one, must be charged to reimburse the Victims of MENZGOLD and be prosecuted as well to serve as deterrent to Governors of BOG who renege on their duties to be apt and prudent in discharging their duties.

MENZGOLD customers, The President,Nana Addo Dankwa Akufu Addo is exonerate of this MENZGOLD looting exempt him from your accusations and direct your actions towards as I have advised.


Boateng Duncan
CEO Duncan And Associates Research Services (DAARS).

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