BTA Admin The founder of the defunct Menzgold Ghana Limited, Nana Appiah Mensah (NAM 1), has told the High Court that the Bank of Ghana (BoG) advised his companies on their operational structure during key regulatory engagements.
NAM 1, who is standing trial over allegations of defrauding more than 16,000 customers, made the claims while testifying in his defence during examination-in-chief led by his counsel, Paa Joy A. Boateng.
Dispute Over Licensing Status
According to the accused, Menzgold was initially incorporated as Menzbank Ghana Company Limited with the ambition of becoming what he described as West Africa’s first bullion bank.
He told the court that the Central Bank once listed Menzbank among unlicensed microfinance institutions in a public notice. In response, the company’s legal team wrote to the regulator to clarify that it was not operating as a microfinance institution and requested its removal from the list.
NAM 1 testified that the BoG subsequently invited him to a meeting and requested supporting documents, including a licence from the Precious Minerals Marketing Company (PMMC). He said those documents were submitted and acknowledged.
Name Change on Advice of BoG
During the meeting, he claimed, the mistaken classification was resolved. However, concerns were raised about the name “Menzbank,” which suggested a financial institution.
He told the court that the BoG advised altering the name slightly to avoid regulatory confusion, resulting in the change from “Menzbank” to “Menzbanc.”
“So Menzbank was changed to Menzbanc on the advice of the BoG,” he testified.
Separation of Operations
NAM 1 further stated that a second meeting was later convened after members of the public reportedly sought clarification from the Central Bank about whether Menzbanc was licensed.
He said concerns stemmed from both the company’s name and its gold jewellery products, which customers could allegedly trade for additional value — creating what he described as the “semblance” of financial investment activity.
According to his testimony, the BoG directed that gold jewellery sales be separated from gold trading operations to reduce confusion. He claimed this led to the establishment of Brew Marketing Consult.
Charges and Trial
NAM 1 and his companies — Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited — are facing 39 charges, including operating a deposit-taking business without a licence, inducement to invest, defrauding by false pretence, fraudulent breach of trust and money laundering.
The charges relate to alleged offences between 2016 and 2018 involving GH¢340.8 million.
He has pleaded not guilty and is currently on bail of GH¢500 million with four sureties. The case has been adjourned to March 5, 2026, for further examination.
