Nana Appiah Mensah, the former Chief Executive Officer of the defunct Menzgold Ghana Limited, informed the High Court that the Bank of Ghana (BoG) had advised his businesses on their operational structure. He is facing trial on suspicion of using his businesses to entice and defraud over 16,000 members of the public. During examination-in-chief, NAM 1 took the stand to present his version of events, with his counsel, Paa Joy A. Boateng, questioning him about the incorporation and licensing of Menzgold Ghana Limited.
According to the defendant, Menzgold, which was originally registered as Menzbank Ghana Company Limited, aimed to function as the first “bullion” bank in West Africa, if not the entire continent. In pursuit of this goal, NAM 1 notified the court that the BoG had published a paper labelling Menzbank as an illegal microfinance institution.
“In response, Menzbank’s in-house counsel wrote to the BoG, noting the publication in the daily newspapers and telling them that Menzbank was not a microfinance institution, requesting that our name be removed from the list,” he said. He said that the Central Bank reacted by requesting supporting documentation and summoning him for a meeting.
“As a law-abiding organisation, we supplied the Precious Minerals Marketing Company (PMMC) licence and all other documents they requested, which they acknowledged.
Menzgold was given the chance to completely address the difficulties during the meeting, which was presided over by Mr Amoh Awuah and other Central Bank officials, which we did to the best of our ability,” says NAM 1, adding that the firm was previously known as Menzbank.
He further clarified that the meeting addressed the incorrect designation of Menzbank as an unregistered microfinance institution, blaming it on the name’s allusion of a financial organisation.According to NAM 1, the Central Bank recommended a minor change to the company’s name.
“So, more specifically, our team and the Central Bank agreed that Menzbank with a ‘k’ would be changed to Menzbanc with a ‘c’ to maintain consistency, which is a critical component of business administration. So Menzbank was renamed Menzbanc on the advice of the Bank of Ghana (BoG), according to him.
He further testified that the BoG called a second meeting several months later to discuss public concern about whether Menzbanc was a registered financial institution.
“This was because the name ‘Menzbanc’ indicated a financial institution, and people frequently contacted the Central Bank to ask. Second, our gold jewellery and tablets, which purchasers could exchange for additional value, offered the impression of financial investment,” he said. Following consultation, the Central Bank ordered that gold jewellery sales be separated from gold trading operations to prevent misunderstanding among businesses.
“In effect, the Bank of Ghana encouraged the establishment of Brew Marketing Consult,” according to NAM 1. The case has been adjourned until March 5, 2026, for additional examination-in-chief.
Background
NAM 1 and two of his enterprises, Menzgold Ghana Limited (MGL) and Brew Marketing Consult Ghana Limited (BMCGL), face 39 allegations, 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 accusations include swindling consumers of varying amounts between 2016 and 2018, totalling GH¢340,835,650. NAM 1 has denied all accusations and is now free on bond for GH¢500 million with four sureties.
Source: graphic.com.gh