Bank of Ghana officials recommended streamlining of Menzgold operations - NAM 1 tells Court

Nana Appiah Mensah, commonly known as NAM 1 and the founder of Menzgold, is currently on trial for his alleged involvement in defrauding over 16,000 individuals of GH¢1.6 billion through the operations of the company.

In a recent court appearance on September 19, 2023, he vehemently denied accusations of circumventing Ghana's laws to operate an illegal gold deposit-taking business.

NAM 1's legal counsel, Kwame Akuffo, made a compelling argument before the High Court, emphasizing that his client did not circumvent the Banking and Specialised Deposit-Taking Institutions Act of 2016 (Act 930) as alleged by the prosecution.

Mr. Akuffo revealed a surprising twist, asserting that officials from the Bank of Ghana (BoG) had advised NAM 1 to change the name of Menzbank (the former name of Menzgold) to Menzbanc.

"In meetings with the BoG, it was the BoG that recommended that the third accused company (Brew Marketing Consult) be set up to ensure that the gold marketing business remained distinct from Menzgold's core business," counsel Akuffo disclosed, Graphic Online reports.

Mr. Akuffo refrained from disclosing the names of the specific BoG officials who provided this advice, indicating that he intends to subpoena them as witnesses during the trial to bolster his client's defense. He suggested that such testimony might be conducted in-camera, i.e., privately.

In addition to the legal maneuvering, NAM 1 has entered a plea of not guilty to 39 counts of charges, encompassing violations of Act 930, defrauding by false pretense, fraudulent breach of trust, and money laundering.

The court, presided over by Dr. Ernest Owusu-Dapaa, a Justice of the Court of Appeal acting as an additional High Court judge, granted NAM 1 bail in the sum of GH¢500 million, requiring him to provide four sureties.

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