Nana Appiah Mensah, popularly known as NAM 1 and former Chief Executive Officer of the defunct Menzgold Ghana Limited, has told the High Court that the Bank of Ghana (BoG) advised his companies on their operational structure. He is currently on trial for allegedly using these companies to induce and defraud more than 16,000 members of the public.
Mounting the witness box
Taking the witness stand to present his account, Nana Appiah Mensah (NAM 1) was questioned by his lawyer, Paa Joy A. Boateng, during examination-in-chief about the incorporation and licensing status of Menzgold Ghana Limited. The accused explained that the company, initially registered as Menzbank Ghana Company Limited, was envisioned as West Africa’s first “bullion” bank.
In pursuit of this goal, NAM 1 told the court, the Bank of Ghana (BoG) later issued a publication listing Menzbank among unlicensed microfinance institutions. “In response, our in-house counsel wrote to the BoG, referencing the publication in the newspapers and clarifying that Menzbank was not a microfinance institution, while requesting that our name be removed from the list,” he stated.
Meeting with BoG
He added that the Central Bank responded by requesting supporting documents 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 Mr Amoh Awuah and other officers of the Central Bank, to adequately address the issues, which we did to the best of our ability,” NAM 1 said, noting that the company was then known as Menzbank. He further explained that the meeting resolved the mistaken listing of Menzbank as an unlicensed microfinance institution, attributing it to the name’s suggestion of a financial institution.
Advice on name change
NAM 1 told the court that the Central Bank advised a slight adjustment to the company’s name “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.
Another meeting
He further testified that BoG later convened a second meeting after several months to address public confusion over whether Menzbanc was a licensed financial institution. “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.
After discussions, the Central Bank instructed that for the companies to operate without confusion, the sale of gold jewellery products should be separated from gold trading operations. “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.
Background
Nana Appiah Mensah (NAM 1) and two of his companies—Menzgold Ghana Limited (MGL) and Brew Marketing Consult Ghana Limited (BMCGL)—are facing 39 charges, including operating a deposit-taking business without a licence, selling gold without authorisation, inducement to invest, defrauding by false pretence, breach of trust, and money laundering. The charges stem from allegations that between 2016 and 2018, the companies defrauded customers of a total of GH¢340,835,650. NAM 1 has pleaded not guilty to all counts and has been granted bail of GH¢500 million with four sureties.
Source: Justice Agbenorsi
