Nana Appiah Mensah, Chief Executive Officer of defunct Menzgold Ghana, has told an Accra High Court that his gold trading operations were properly licensed and authorized, rejecting prosecution claims that he operated illegally.
Testifying under cross examination on Monday, February 2, 2026, NAM1 said his company, A2 Company Limited, was duly incorporated and granted necessary approvals to engage in gold mining support services, gold purchasing, value addition and export.
His remarks come as he faces 39 criminal charges, including selling gold without a license, fraudulent breach of trust, defrauding by false pretenses and money laundering. Prosecutors allege that Menzgold defrauded thousands of customers between 2016 and 2018.
Contrary to prosecution claims that he operated without a license, NAM1 told the court presided over by Justice Sedinam Awo Kwadam that A2 completed all regulatory processes before commencing operations.
The company applied to the Precious Minerals Marketing Company (PMMC), completed all required documentation, paid necessary fees and underwent scrutiny before being issued with a license to operate, according to NAM1.
He explained that when the PMMC later ceased to function as a licensing body and was redesignated as a national assay office, A2 was directed to seek approval from the Minerals Commission.
The company submitted detailed documentation outlining its intended business activities, paid all required fees and subsequently received relevant approvals, NAM1 told the court.
However, when asked to produce copies of the licenses, NAM1 said he would endeavor to retrieve and present the documents at the next hearing.
He told the court that access to company records had been affected after the Securities and Exchange Commission (SEC) shut down Menzgold’s operations and the Economic and Organised Crime Office (EOCO) took control of its premises.
Many documents could not be readily accounted for, he said, adding that he would strive to retrieve them for his defense.
The SEC issued a directive in September 2018 ordering Menzgold to suspend its gold trading activities for operating a deposit taking business without proper authorization from the Bank of Ghana. The company’s operations subsequently collapsed, leaving thousands of customers unable to access their investments.Travel guides Ghana
Meanwhile, the court has directed NAM1 to file his written witness statement to facilitate the smooth continuation of the trial.
Justice Kwadam instructed his legal team to comply before the next sitting, as the case has been adjourned to February 19, 2026.
In July 2024, the High Court dismissed NAM1’s submission of no case to answer, ruling that prosecution had established prima facie evidence against him and his companies in 35 out of 39 counts. The court ordered him to open his defense.
NAM1 subsequently filed appeals at the Court of Appeal and Supreme Court seeking to halt proceedings, but both courts dismissed his applications. The Supreme Court delivered its ruling in December 2025.
Outside the courtroom, Frederick Forson, Convener of the Aggrieved Customers of Menzgold, renewed calls for expedited proceedings, claiming nearly 300 affected customers have died over the years due to frustration linked to unpaid investments.
He urged the court to consider daily sittings to speed up the case.
In December 2025, Forson stated that at least 244 members had died over seven years while waiting for the case conclusion. The Coalition of Aggrieved Customers of Menzgold has registered more than 11,000 victims who invested in the company.
NAM1, along with Menzgold Ghana Limited and Brew Marketing Consult, has pleaded not guilty to all charges and is standing trial before the High Court.