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MENZGOLD: Zylofon Media runs out of cash?

Ghana Movie Awards 2018 has been announced but the current owners of the franchise, Zylofon Media, are not the organisers.

Despite acquiring the franchise from Fred Nuamah to organise the awards for the next 10 years, Fred Nuamah is back as the organiser for this year’s awards.

Zylofon Media, the once richest entertainment company in Ghana seems to be going broke after its sister company Menzgold Ghana started jumping one hurdle after the other when the Securities and Exchanges Commissions (SEC) and Bank of Ghana (BoG) ‘poked’ their noses into the operations of the gold dealing firm.

The challenges faced by Menzgold which is believed to be the major source of income for the Zylofon Media CEO Nana Appiah Mensah, seem to have affected the performance of all sister companies including Zylofon Media.

Musicians signed by the entertainment company is not seen releasing expensive videos as the case was months ago.

Zylofon Media obtaining the Ghana Movie Awards franchise for 10 years and refusing to organise it raises questions of the financial status of the company.

According to the entertainment company, they still hold the right to organise the awards but they are not part of this year’s event.

A self-contradictory statement signed by Samuel Atuobi Baah, Communications Director at Zylofon Media said they are not part of this year’s award due to “organizational agenda and timing” and they intend to consider doing it next year which fits well in their plans and activities. This statement assured the public of a Ghana Movie Awards 2019 and beyond by Zylofon Media. The statement went ahead to mention Zylofon Films Awards by the company. These two statements make it difficult for the public to know what Zylofon Media intends doing next year.

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Read the full statement below:

“The general public, the media and stakeholders in the movie industry should be notified that as much as Zylofon Media has every right to organize what we know as the Ghana Movie Awards, this year`s organization does not involve officials or management of Zylofon Media. Since our organization (Zylofon Media) started the partnership with our strategic partners of the scheme in 2016, there were plans to organize it in subsequent years but due to our organizational agenda and timing, we intend to consider doing it next year which fits well in our plans and activities.

That notwithstanding, the initial franchise owners see the need to organize their own event. This move Zylofon Media is not against. However, we wish to state emphatically that we have no contribution to the organization of this year`s (2018) event. We are not involved financially.

We are not providing logistics, neither are we part of planning of the event. Therefore, the general public should disregard any involvement or attachment of our brand to the news making rounds that Zylofon Media is part of the organization.

In due time, we will communicate our calendar to the media, the general public and stakeholders in the movie industry as regards the organization of our film awards to be known as ZYLOFON FILMS AWARDS We wish them well in all their endeavors as they embark on this journey.”

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