The Chief Executive Officer of the defunct gold dealership firm Menzgold Ghana, Nana Appiah Mensah, widely known as NAM1, has told an Accra High Court that he did not operate illegally and had the required authorisation to run his gold business.

Under cross-examination, NAM1 denied allegations that he conducted gold trading activities without a licence. He explained that his company, A2, was properly incorporated and licensed to undertake gold mining, gold purchasing, value addition and export.

NAM1 is currently facing 39 criminal charges, including selling gold without a licence, fraudulent breach of trust, defrauding by false pretences and money laundering. Prosecutors allege that he used his companies to defraud thousands of investors nationwide.

However, addressing the court, NAM1 maintained that all regulatory procedures were followed. He said A2 applied to the Precious Minerals Marketing Company (PMMC), completed the necessary documentation, paid all required fees and underwent due scrutiny before being granted approval to operate.

According to him, the regulatory landscape later changed when PMMC was designated a national assay office rather than a licensing authority. As a result, A2 was advised to reapply through the Minerals Commission.

He told the court that the new process required the submission of a comprehensive company profile detailing the firm’s activities and product lines. “All the necessary fees were paid, and we were invited to sign the relevant documents. Based on this, A2 obtained the appropriate approvals to operate,” he said.

Prosecutors, however, asked NAM1 to produce physical copies of the licences. He admitted he had not yet been able to do so but assured the court he would make efforts to present them at the next hearing.

NAM1 attributed the challenge to the shutdown of Menzgold by the Securities and Exchange Commission (SEC) and the subsequent takeover of the company’s offices by the Economic and Organised Crime Office (EOCO), which he said made it difficult to immediately access company records.

“When the offices were taken over, many documents could not be easily traced. This has affected my ability to promptly retrieve some materials for my defence,” he told the court, while insisting that valid licences existed at the time his companies were operating.

Meanwhile, the trial judge, Justice Sedinam Awo Kwadam, directed NAM1 to file his witness statement before the next hearing, stressing the need for a structured and efficient trial process. The case was adjourned to February 19 at the request of the prosecution, which argued that a written witness statement would help ensure smooth proceedings.

Outside the courtroom, emotions ran high as the Convener of the Aggrieved Customers of Menzgold, Frederick Forson, claimed that nearly 300 customers had died over the years due to stress and frustration arising from the non-payment of their investments. He appealed to the court to consider daily sittings to speed up the trial and bring closure to the thousands of affected customers who have waited years for justice.