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NAM 1 tells court: Bank of Ghana advised streamlining Menzgold operations



Menzgold boss, Nana Appiah Mensah arrives in Ghana

In a recent development in the legal proceedings surrounding the founder of Menzgold, Nana Appiah Mensah, commonly known as NAM 1, the accused has vehemently denied allegations of circumventing Ghanaian laws to operate an illegal gold deposit-taking business.

NAM 1, who stands trial for purportedly defrauding over 16,000 individuals of GH¢1.6 billion through Menzgold, firmly refutes the accusations.

During the court proceedings, NAM 1’s legal counsel, Kwame Akuffo, addressed the High Court on his client’s behalf. Mr. Akuffo firmly stated that NAM 1 did not engage in any actions to circumvent the Banking and Specialised Deposit-Taking Institutions Act of 2016. This act is central to the allegations made against him regarding Menzgold’s operations.


READ ALSO: “Pay our monies first, fraud”-OB Amponsah responds to Nam 1’s Zylofon Media relaunch announcement

Moreover, Mr. Akuffo made an intriguing revelation during his defense. He asserted that officials from the Bank of Ghana (BoG) played a pivotal role in advising NAM 1 to change Menzgold’s name from Menzbank to Menzbanc. This name change, according to Mr. Akuffo, was recommended by the BoG to ensure that the gold marketing business remained distinct from Menzgold’s primary operations.

“In meetings with the BoG, it was the BoG that recommended that the 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,” stated Mr. Akuffo during the court proceedings.

This revelation adds a unique twist to the ongoing legal battle, as it suggests that NAM 1 acted upon advice from regulatory authorities to separate Menzgold’s gold marketing activities from its core business operations.

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