The UK wing of gold dealership company, Menzgold, has clarified its business model in the country by stating that all the office does is to ‘market the product,’ putting an end to several controversies surrounding the exact business model the company was running in the United Kingdom.
The controversies were sparked by a report by popular TV/Radio presenter Israel Laryea who had, in a report, suggested the company may be operating a different business model as compared to what the situation in Ghana was. He added that his visit to the plush Berekely Square House building didn’t also give him enough information to suggest whether or not the company, Menzgold, even had an office in the United Kingdom to begin with.
The report caused a lot of disaffection for the journalist from scores of Ghanaians, one of them being the CEO of Menzgold, had criticized for a shoddy work done. The enraged Nana Appiah Mensah, referred to as NAM 1 by many, went on social media to attack the journalist for embarking on a ‘smear campaign agenda.’
But days down the line, a report by a lady who claims to be a Ghanaian resident in the United Kingdom and seeking relevant information on the true state of affairs as regards operations of Menzgold UK has, in an interview with an officer of the company’s UK wing established that indeed, the company operates a different business model in that country.
Desire Danso decided to, in her words, make an appointment with Menzgold to ‘see how easy and accessible it is to gain access to Menzgold.’ The 18 minute piece by desire features a lady, Bernice, who purports to work for Menzgold England. Bernice, in this piece, took the ‘curious’ Ghanaian, Desire, through the activities of Menzgold England including how much is needed to start off an investment with the company. One critical issue she addressed was how the company does not trade in gold at its UK office.
“The UK office is a hub for the Ghana office. We are not accepting any cash deposits in the UK. We are here purely as marketers. We are marketing the product and filling out paper work and processing it and sending it off to Ghana so Ghana has the final decision so we’re simply here as marketers. Nobody comes here and hands over cash to us in the UK,” she said in response to a question on whether or not Menzgold has all the permits to operate in the United Kingdom.
She also spoke of how anyone who wanted to invest with the company in the UK needed not less than 2,000 Pounds to start such an investment. The return-on-investment, she said, was 5% of the invested amount, as compared to the 10% rate Ghanaians who had their investments with the company were allegedly enjoying.
Watch the full report by Desire Danso at Menzgold England here