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Menzgold collapse affecting Databank – CEO

The Group Chief Executive of investment firm Databank, Kojo Addae-Mensah, has revealed that the collapse of gold dealership firm Menzgold is having an effect on his firm.

According to him, some investors have panicked into withdrawing their investment with Databank out of fear of losing their monies as a result of the experiences of Menzgold customers.

Speaking to Starr News, Mr. Addae-Mensah said Databank is embarking on confidence-building measure dubbed ‘Time with the CEO’ to assure customers that their investment is safe with them.

“What happened was that after the Menzgold issue, people were asking themselves where else they have investment and then they started withdrawing out of fear of losing it. We saw a spike in withdrawals. It was going up rather than the usual. This is out of the experiences they had elsewhere because they are unable to have access to their funds,” he said.

Customers of Menzgold have had their funds locked up since September last year after the Securities and Exchange Commission and the Bank of Ghana ordered them not to be taking on new customers.

The company has subsequently been shut down while its CEO Nana Appiah Mensah is facing trial in Dubai after he was embroiled in a gold deal.

Government has however given the assurance it will liquidate the properties of the company in order to refund customers their investment.

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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