NAM1 Promises to Expose Bank of Ghana ‘s Role in MenzGold Collapse

Former Chief Executive Officer of MenzGold, Nana Appiah Mensah, popularly known as NAM1, has vowed to reveal the Bank of Ghana ‘s (BoG) role in the collapse of his company in the coming weeks. NAM1 made this announcement following the recent confirmation of an amount of GH¢2.5 million deposited by him to the Bank of Ghana’s Police Exhibit account, under the advice of the Attorney General, for the attention of the Court.

Addressing claims that he had provided the BoG with funds to compensate his customers, NAM1 strongly denied these allegations. Instead, he expressed grievances against the central bank, which he intends to disclose publicly in the near future.

“For me, I didn’t give BoG money to settle my customers. As for the central bank, I have issues with them, and very soon I will be coming out with them for everybody to see and hear. The bad acts that occurred in this country,” he declared.

NAM1 further explained that he has remained silent for the past five years, despite facing criticism, and he is now ready to speak out and defend himself. He emphasized that he is solely responsible for repaying his customers, not the Bank of Ghana.

“Now that we are in court, I will speak up; I will in the coming days defend myself, and we will find out who is really at fault. Until then, I have not given money to BoG. I owe my customers, and I am the one to pay, not BoG,” he affirmed.

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The former MenzGold CEO is currently entangled in a legal battle related to the MenzGold saga, which had significant repercussions for numerous investors. He faces charges including “Defrauding by false pretence,” “Fraudulent breach of trust,” and “Money Laundering.”

Background

Between November 2016 and March 2019, many MenzGold customers lodged complaints with the police, alleging that they had invested substantial sums with NAM1’s company but had failed to recover their investments. Initially charged with 14 counts related to these allegations, these charges were later expanded to a total of 61. The accusations suggest that the accused obtained various sums of money, totaling GH¢1.6 billion from customers.

NAM1’s ongoing legal battle is a subject of public interest and legal scrutiny in Ghana. His determination to expose the Bank of Ghana’s role in the MenzGold collapse has added an intriguing twist to the complex situation.

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