It was Bank of Ghana that Advised me to Streamline Menzgold Operations – NAM 1 tells Court


Founder of Menzgold, Nana Appiah Mensah aka NAM 1, who is standing trial for allegedly using the company to defraud over 16,000 people of GH¢1.6 billion, has denied circumventing the laws of Ghana in order to operate an illegal gold deposit-taking business. 

Counsel for NAM 1, Kwame Akuffo, told the High Court today [Sept 19] that his client did not circumvent the Banking and Specialised Deposit-Taking Institutions Act, 2016 (Act ) as alleged by the prosecution to enable him to carry out the operations of Menzgold.

Mr Akuffo claimed that it was officials of the Bank of Ghana (BoG) who advised his client (NAM 1) to change Menzbank (the previous name of Menzgold) to Menzbanc.

“Indeed, in meetings with the BoG, it was the BoG that recommended that a third accused company( Brew Marketing Consult) be set up in order to ensure that the gold marketing business was kept distinct from the business of Menzgold,” counsel said, reports Graphic Online’s Emmanuel Ebo Hawkson from the court.

Mr. Akuffo said he would not mention the names of the BoG officials who gave the advice to his client, but at the appropriate time during the trial, he would subpoena them to testify to aid the defense of his client.

“I will skip the names because the court may take evidence from them in camera,” counsel said, reports Graphic Online’s Emmanuel Ebo Hawkson from the courtroom.

Not guilty 

Meanwhile, NAM 1 has pleaded not guilty to 39 counts, ranging from violating Act 930, defrauding by false pretense, fraudulent breach of trust, and money laundering.

The court, presided over by Dr Ernest Owusu-Dapaa, a Justice of the Court of Appeal, sitting as an additional High Court judge, admitted NAM 1 to bail in the sum of a million, with four sureties.

As part of the bail conditions, Justice Owusu-Dapaa, also ordered NAM 1 to deposit his passport with the Registrar of the Court, and also report to the headquarters of the Criminal Investigations Department (CID) every Thursday.


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