The former Chief Executive Officer of the defunct Menzgold Ghana Limited, Nana Appiah Mensah, also known as NAM 1, has told the High Court that the Bank of Ghana (BoG) advised his companies on their operational structure.

He is standing trial for allegedly using his companies to induce and defraud over 16,000 members of the public.

Appearing in the witness box to give his side of the story, NAM 1 was questioned by his lawyer, Paa Joy A. Boateng, during examination-in-chief about the incorporation status and licensing of Menzgold Ghana Limited.

The accused explained that Menzgold, originally incorporated as Menzbank Ghana Company Limited, intended to operate as the first “bullion” bank in West Africa, if not the entire continent.

In pursuit of this vision, NAM 1 told the court that the BoG had issued a publication listing Menzbank among unlicensed microfinance institutions.

“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.

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.

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.

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

NAM 1 and two of his companies, Menzgold Ghana Limited (MGL) and Brew Marketing Consult Ghana Limited (BMCGL), face 39 charges, including 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 relate to defrauding customers of various sums between 2016 and 2018, totalling GH¢340,835,650. NAM 1 has pleaded not guilty to all charges and is on bail of GH¢500 million with four sureties.