Kumchacha says former president assured him Menzgold was safe
Founder and leader of Heaven’s Gate Ministries, Prophet Nicholas Osei, popularly known as Prophet Kumchacha, has alleged that former President Nana Akufo-Addo misled him into investing in the now-defunct gold dealership company, Menzgold. Speaking in an interview on Adom FM, Prophet Kumchacha claimed he had sought advice from then-President Akufo-Addo before making the investment, and the President assured him that it was a safe venture.
“I told him before I invested that this is what I wanted to do, and he assured me that I could go ahead,” Kumchacha said. He explained that he used to support the former President alongside another pastor and felt betrayed by the assurance, especially now that he cannot retrieve his funds. Expressing his frustration, Kumchacha stated that Nana Appiah Mensah, popularly known as NAM1, the embattled CEO of Menzgold, would not make it to heaven for allegedly withholding the money of innocent people.
The collapse of Menzgold in 2019 became one of Ghana’s most controversial financial scandals. Regulatory authorities such as the Bank of Ghana and the Minerals Commission accused the company of operating without the necessary licences, while the Securities and Exchange Commission (SEC) eventually ordered its shutdown. The closure left thousands of customers with locked-up funds and no clear resolution.
NAM1 has since faced multiple charges, including defrauding by false pretences, and the case continues in court. Meanwhile, many affected investors, including Prophet Kumchacha, continue to demand the return of their investments, with the saga remaining a sore point for Ghana’s financial sector.
Source: Pulse