Omanghana
The Chief Executive Officer of the defunct gold dealership Menzgold, Nana Appiah Mensah, popularly known as NAM1, has told the Accra High Court that the Bank of Ghana (BoG) played an advisory role in the operational structure and naming of his companies.
Testifying during his ongoing trial in February 2026, NAM1 claimed that several key decisions relating to the branding and internal organization of his businesses were made following consultations with officials of the central bank.
According to NAM1, the BoG specifically advised him to alter the original name of his company from Menzbank—spelled with a “k”—to Menzbanc, using a “c.” He explained to the court that the change was recommended after members of the public began making inquiries to the central bank, apparently under the impression that the business was a licensed banking institution.
NAM1 testified that the name adjustment was intended to clearly distinguish the company from regulated banks and to prevent the perception that it was operating as a financial institution under BoG supervision.
In further testimony, NAM1 stated that the BoG also advised him to separate gold jewelry sales from gold trading activities to avoid continued public misunderstanding of the nature of the business.
He told the court that this guidance directly led to the creation of Brew Marketing Consult, a separate entity established to handle gold jewelry sales, while other companies focused on gold trading operations.
According to NAM1, the objective of this restructuring was to ensure that none of the entities appeared to be running investment products or deposit-taking schemes.
NAM1 maintained that these operational and structural changes were made following multiple meetings with BoG officials, including Amoh Awuah. He told the court that during these engagements, the central bank emphasized the need to ensure that his business model did not create what he described as a “semblance of financial investment.”
He argued that the adjustments were implemented in good faith and in response to regulatory concerns raised by the BoG at the time.
Despite his testimony, NAM1 and his associated companies are currently facing 39 criminal charges, including:
-
Money laundering
-
Defrauding by false pretence
-
Operating a deposit-taking business without a license
The prosecution alleges that between 2016 and 2018, the defendants induced more than 16,000 individuals to invest in gold-related schemes, leading to financial losses estimated at over GH¢1.68 billion.
Prosecutors contend that the defendants presented their operations in a manner that encouraged members of the public to part with their money under the belief that the schemes were safe and legitimate. They argue that the businesses effectively functioned as unlicensed deposit-taking entities, contrary to Ghana’s financial laws.
The trial has been adjourned to March 5, 2026, when proceedings are expected to continue with further examination-in-chief.
As the case unfolds, the court is expected to determine the extent of regulatory engagement between the defendants and the central bank, and whether such interactions mitigate or reinforce the criminal allegations before it.
Source: Omanghana
