BoG advised Menzgold on its operational structure - NAM1 to court

The founder and former Chief Executive Officer of Menzgold Ghana Limited, Nana Appiah Mensah, popularly known as NAM1, has told the High Court that the Bank of Ghana played an advisory role in shaping the operational structure of his companies.

NAM1 is currently standing trial over allegations that he used his businesses to induce and defraud more than 16,000 people.

The case, which has drawn national attention, centres on claims that customers lost huge sums of money through gold-related investment schemes between 2016 and 2018.

Taking the witness stand to present his defense, NAM1 was led in evidence by his lawyer, Paa Joy A Boateng.

He was questioned about the incorporation and licensing status of Menzgold Ghana Limited.

He explained that the company was initially incorporated as Menzbank Ghana Company Limited, with an ambitious vision to operate as what he described as the first “bullion” bank in West Africa and possibly on the continent.

According to him, trouble began when the Bank of Ghana published a list of unlicensed microfinance institutions that included Menzbank.

“In response, Menzbank’s in-house counsel wrote to the BoG, citing the publication in the dailies and informing them that Menzbank was not a microfinance institution, requesting that our name be expunged from the list,” he said.

According to a report by graphic.com.gh, NAM1 told the court that the Central Bank requested further documentation and invited him to a meeting.

“As a law-abiding entity, we submitted the Precious Minerals Marketing Company (PMMC) licence and all other documentation they requested, which they acknowledged. Menzgold was subsequently given an opportunity in the meeting, chaired by Amoh Awuah and other officers of the Central Bank, to adequately address the issues, which we did to the best of our ability,” NAM1 said, noting that this was when the company was known as Menzbank.

He explained that the meeting resolved what he described as a misunderstanding, attributing the initial listing to the company’s name, which suggested it was a financial institution.

NAM1 further testified that officials of the Bank of Ghana advised the company to slightly alter its name to avoid confusion.

“So, more specifically, our team and that of the Central Bank collectively resolved that Menzbank with a ‘k’ would be changed to Menzbanc with a ‘c’ to ensure consistency, which is a cardinal element in business administration. So, Menzbank was changed to Menzbanc on the advice of the BoG,” he said.

He further told the court that months later, the Central Bank convened another meeting after receiving enquiries from members of the public who were uncertain whether Menzbanc was a licensed financial institution.

I did not operate illegally – NAM1 tells Accra High Court

“This was because the name ‘Menzbanc’ depicted a financial institution, and members of the public often called the Central Bank to enquire. Secondly, our gold jewellery products and tablets, which buyers could trade for extra value, gave the semblance of financial investment,” he explained.

Following discussions, NAM1 said the Bank of Ghana directed that the company separate its gold jewellery sales from its gold trading activities to prevent further confusion.

“In effect, it was the Bank of Ghana that advised the setting up of Brew Marketing Consult,” NAM 1 said.

The case has been adjourned to March 5, 2026, for further examination-in-chief.

NAM1 and two of his companies, Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited, are facing 39 charges, including selling gold without a license, operating a deposit-taking business without a license, inducement to invest, defrauding by false pretense, fraudulent breach of trust and money laundering.

Prosecutors allege that between 2016 and 2018, customers were defrauded of GH¢340,835,650.

NAM1 has pleaded not guilty to all charges and is currently on bail set at GH¢500 million with four sureties.

NA/AE

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