A legal consultant for the Coalition of Aggrieved Menzgold Customers, Jacob Osei Yeboah (JOY), has accused politicians of the governing New Patriotic Party (NPP) and the opposition National Democratic Congress (NDC) of being the brains behind financial scams in the country.

Speaking on the back of the still-unravelling Menzgold saga in which thousands of clients have had their funds locked-up at the defunct company, Mr Yeboah, who was an independent presidential candidate in the 2012 and 2016 elections, said at a press conference organised by the aggrieved group in Accra on Wednesday, 17 July 2019 that: “From experience, right from Pyram days up to this point, some of us, our intelligence have actually informed us that those behind all these so-called scams are politicians and especially NDC, NPP political parties and that is what is unfolding at this point in time”.

JOY said he has evidence to back his claims “but this is not the time” to reveal it.

He further alleged that the embattled CEO of the troubled company, Nana Appiah Mensah (NAM1) “bought a lot of V8s and things like that; we know he gave out money and things like that [to] politicians”.

“That is why they are just trying to shield him. They are just trying to coach him [about] what to say and things like that,” Mr Yeboah alleged.

According to him, the first strategy used by the politicians was to label the victims as “greedy” people.

NAM1 has been charged by the police and remanded to reappear in the Accra Circuit Court on 26 July 2019 after his arrival in Ghana.

He is facing charges of defrauding by false pretence and two counts of abetment to carry out banking business without a licence contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).

His Brew Marketing Consult and Menzgold Ghana Limited have also been slapped with charges of defrauding by false pretence contrary to sections 20 (1) and 13 (1) of the Criminal Offences Act, 1960 (Act 29).



The remand was granted by the court upon the request of the police in order for them to complete investigations into the case in two weeks.

He was arraigned on Friday, 12 July 2019 after spending the night in the custody of the Criminal Investigations Department (CID) of the Ghana Police Service following his arrival in Ghana from Dubai the previous day.

The young Ghanaian businessman had been in the custody of Dubai authorities since December last year. He was arrested during his sojourn to the Emirates to collect some hefty amount owed his company by a businessman there.

NAM1, who is being sought after by both his thousands of aggrieved clients whose investments have been locked up with the company since August last year; as well as the government of Ghana, won two court cases against his rival businessman while in Dubai.

An Interpol red alert has been on NAM1’s head for several months since his detention in Dubai.

The Supreme Court of Dubai recently upheld a victory of the businessman in a lower court which ordered his Emirati businessman rival to pay the Ghanaian some $39 million and compensation.