MenzGold’s difficulties, according to Ghanaian Reggae and Dancehall artist Livingstone Etse Satekla aka Stonebwoy, had nothing to do with ambassadors who worked under its entertainment imprint, Zylofon.
In its heydays, MenzGold, a gold dealership firm, signed various artists and film stars in Ghana as brand ambassadors such as Stonebwoy and Shatta Wale who played roles as influencers to encourage people to invest in the company.
This was done despite repeated warnings from the Securities and Exchange Commission (SEC) that Ghanaians should avoid investing in MenzGold until it was forced to shut down operations by government order.
Following the MenzGold debacle, Stonebwoy has been seen advertising another online financial scheme called Sidicoin which has attracted several condemnations from the public.
However, according to Stonebwoy, the collapse of MenzGold should not be linked to any of the entertainers who were linked to the company.
In his response to the criticisms, he wrote:
“I think it’s very BIASED and PREJUDICED to pin The loss of lives and properties on ambassadors WHO in NO WAY RAN the said company. I know people who have lost monies and others who gained, and I have personally lost very close relatives too.”
Adding that “The CORE problem of the MENZGOLD SAGA has the least to do with ambassadors, pls you stand in a good position as a Media Personality to seek the reality from NAM1 And the GOVERMENT.. one Love”.