ylofon Music is in financial crisis – PRO
The Public Relations Officer (PRO) of Zylofon Music, Arnold Asamoah Baidoo has disclosed that the record label is currently facing challenges. Speaking on Peace FM’s Entertainment Review on Saturday, he noted that there has been a lull in the record label’s activities due to a financial crisis.
In his explanation, Arnold said the challenges are as a result of the current problems the parent company, Menzgold, is in.
“As we all know Menzgold has been facing some challenges in recent times and it is expected that as a sister company to Zylofon Music, the record label would encounter crisis too,” he stated.
This comes on the back of rumours that the company has asked some of its managers to resign and that some of its artistes were about to exit the record label.
Even though Gospel musician, Joyce Blessing, has refuted claims that she has left Zylofon Music record label, Arnold also stated on Peace FM that it is possible some of the artistes may bail out on the company in the midst of the crisis.
“As we speak, Joyce Blessing is part of the record label. No artiste has left but the possibility of they leaving in times like this is imminent,” he added.
At the moment some of the artistes are relying on their own means to promote their projects and craft.
Joyce Blessing is currently promoting her new single, Repent, which unlike previously, bears no signature of Zylofon Music.
Zylofon Music stepped into Ghana’s entertainment industry in 2017 when they signed Highlife musician, Kumi Guitar.
They later brought on artistes like Stonebwoy, Joyce Blessing, Becca, Obibini and Shatta Wale.
Founded by Nana Appiah Mensah, who also owns Menzgold, the Zylofon Media conglomerate has under its umbrella other companies like the Zylofon Arts Club, Zylofon Arts Fund, Zylofon Movies, Zylofon Cash, Zylofon FM and Zylofon TV.
At present, Menzgold Ghana Limited, a gold trading firm has been ordered by the Securities and Exchange Commission to suspend its operations.
According to SEC, Menzgold does not have the license to trade in gold collectibles from the public.
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