Nana Appiah Mensah, widely known as NAM 1 and the former Chief Executive Officer of the now-defunct Menzgold Ghana Limited, has submitted witness statements in his ongoing trial over allegations of defrauding more than 16,000 people through his companies. The statements comprise seven documents, including agreements between his firm and the Government of Ghana, as well as photographs of gold bars. The Court has directed him to file any additional documents he intends to rely on for his defence by Friday, July 17, 2026. On the same day, NAM 1 is expected to continue presenting his evidence-in-chief.
Not guilty
NAM1 and two of his companies — Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited — have been charged with 39 counts of selling gold without a licence, operating a deposit-taking business without a licence, inducement to invest, defrauding by false pretence, fraudulent breach of trust, and money laundering. The allegations levelled against them relate to defrauding their customers of various sums of money between 2016 and 2018, totalling GH¢340,835,650. NAM1 has pleaded not guilty to all the charges and is on bail of GH¢500 million with four sureties.
Prosecution’s facts
The prosecution alleges that between 2017 and 2018, Nana Appiah Mensah (NAM 1) and Menzgold encouraged members of the public to purchase gold and gold collectables from Brew Marketing Consult Ghana Limited and subsequently deposit them with Menzgold. According to prosecutors, through various invitations, the accused persons presented the two companies as deposit‑taking institutions, promising returns of between seven and ten percent on the deposited gold.
In response, more than 16,000 individuals invested substantial sums of money, believing they were engaging with a licensed deposit‑taking business that would guarantee the advertised profits. Despite repeated warnings and engagements from regulatory agencies, Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited continued their operations. Prosecutors further noted that investors began experiencing difficulties, including delayed payments and reduced dividends, while several cheques issued by NAM 1 and Menzgold were dishonoured.
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Directive
On September 7, 2018, the Securities and Exchange Commission directed Menzgold to suspend its business for operating without a licence. Between November 2016 and March 2019, the prosecution said, many customers of the accused entities petitioned the police, complaining that they had invested huge sums of money with the accused, but were unable to realise their investments despite persistent efforts.
“Investigations revealed that the accused persons, under false pretences, took a total sum of GH¢340,835,650 from their customers, which these customers have not recovered. “Investigations further disclosed that between 2017 and 2018, the accused persons transferred huge sums of depositors’ funds from Menzgold Ghana Company Ltd and Brew Marketing Consult Ltd to Zylofon Media, a company related to NAM1,” the prosecution said.
It added that huge sums of money were also withdrawn by NAM1 or transferred into his bank account for his personal use. “Investigations have established that the money fraudulently obtained from depositors and dishonestly appropriated by the accused persons remained unpaid as Menzgold Ghana Company Ltd’s licence was revoked,” the prosecution stated.
Source: Justice Agbenorsi
