The former Chief Executive Officer of the defunct Menzgold Ghana Limited, Nana Appiah Mensah, popularly known as NAM 1, has told the High Court that the Bank of Ghana (BoG) advised his companies on how to structure their operations.
He is currently standing trial for allegedly using his companies to induce and defraud more than 16,000 members of the public.
While in the witness box presenting his defence, NAM 1 was questioned by his lawyer, Paa Joy A. Boateng, during examination-in-chief about the incorporation and licensing status of Menzgold Ghana Limited.
He explained that Menzgold was originally incorporated as Menzbank Ghana Company Limited and intended to operate as the first “bullion” bank in West Africa, if not the entire continent.
According to him, during that period the BoG published a list of unlicensed microfinance institutions which included Menzbank.
“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.
Meeting with BoG
He said the Central Bank subsequently requested supporting documentation 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 added that the meeting corrected the mistaken classification of Menzbank as an unlicensed microfinance institution, which he said arose from the company name suggesting a financial institution.
Advice on name change
NAM 1 further told the court that the Central Bank recommended a modification of 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.
Another meeting
He testified that months later the BoG convened a second meeting due to public confusion about 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.
He said that after discussions, the Central Bank directed that the sale of gold jewellery products be separated from gold trading activities to avoid confusion.
“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.
