The founder and former Chief Executive Officer of Menzgold Ghana Limited, Nana Appiah Mensah, popularly known as NAM1, has told the High Court that the Bank of Ghana played an advisory role in shaping the operational structure of his companies.

NAM1 is standing trial over allegations that he used his businesses to defraud and induce more than 16,000 people. The high-profile case centres on claims that customers lost substantial sums through gold-related investment schemes between 2016 and 2018.

Taking the witness stand to present his defence, NAM1 was led in evidence by his lawyer, Paa Joy A Boateng. He was questioned about the incorporation and licensing status of Menzgold Ghana Limited.

He explained that the company was originally incorporated as Menzbank Ghana Company Limited, with the vision of operating as West Africa’s first “bullion” bank. According to NAM1, issues arose when the Bank of Ghana published a list of unlicensed microfinance institutions that erroneously included Menzbank.

“In response, Menzbank’s in-house counsel wrote to the BoG, pointing out that we were not a microfinance institution and requested that our name be removed from the list,” NAM1 said.

He told the court that the Bank of Ghana requested additional documentation and invited him to a meeting. “As a law-abiding entity, we submitted the Precious Minerals Marketing Company (PMMC) licence and all requested documents, which were acknowledged. Menzgold was given an opportunity in the meeting, chaired by Amoh Awuah and other Central Bank officials, to address the issues, which we did,” NAM1 said.

He attributed the initial listing to a misunderstanding, noting that the company’s name suggested it was a financial institution. NAM1 testified that officials of the Bank of Ghana advised the company to slightly alter its name to avoid confusion.

“So, our team and that of the Central Bank collectively agreed that Menzbank with a ‘k’ would be changed to Menzbanc with a ‘c’ for clarity and consistency in business administration,” he said.

NAM1 added that months later, the Bank of Ghana held another meeting after receiving public enquiries about whether Menzbanc was a licensed financial institution. “The name depicted a financial institution, and our gold jewellery products and tradeable tablets gave the appearance of financial investment,” he explained.

Following discussions, NAM1 said the Central Bank advised separating the gold jewellery sales from gold trading activities. “In effect, it was the Bank of Ghana that recommended setting up Brew Marketing Consult,” he said.

The case has been adjourned to March 5, 2026, for further examination-in-chief.

NAM1, along with Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited, faces 39 charges, including selling gold without a licence, operating a deposit-taking business without a licence, inducement to invest, defrauding by false pretence, fraudulent breach of trust, and money laundering. Prosecutors allege that between 2016 and 2018, customers were defrauded of GH¢340,835,650.

NAM1 has pleaded not guilty to all charges and is currently on bail set at GH¢500 million with four sureties.