The long-running Menzgold saga took a dramatic twist in court as embattled Chief Executive Officer Nana Appiah Mensah (NAM1) mounted a strong defence, insisting that his operations were fully backed by valid licenses at the height of the controversial gold trading business.
Appearing before the court, NAM1 rejected claims that Menzgold operated illegally, telling the judge that the company conducted its business under the authority of licenses issued by relevant state institutions.
A Courtroom Under Intense Public Watch
The high-profile trial, which has gripped the nation for years, continues to draw widespread public attention, particularly from thousands of customers still hoping for refunds. As NAM1 spoke, the courtroom atmosphere was tense, with emotions running high.
His assertion, if upheld, could reshape the narrative around one of Ghana’s biggest financial scandals.
“I Did Not Defraud Anyone”
NAM1 maintained that Menzgold’s business model was transparent and known to regulators, arguing that the company’s gold trading and investment activities were not clandestine.
He told the court that regulatory challenges emerged later, but insisted these did not invalidate the licenses under which the company initially operated.
Prosecution Pushes Back
Prosecutors, however, challenged NAM1’s claims, arguing that the licenses cited did not permit Menzgold to collect deposits or promise fixed returns to customers. They stressed that regulatory breaches, not the absence of paperwork, form the core of the state’s case.
Victims Await Justice
For the many customers who lost their savings, the courtroom exchanges offer both hope and frustration. Some believe NAM1’s testimony could lead to compensation, while others see it as another delay in a case that has dragged on for years.
A Case With National Implications
Legal analysts say the outcome of the trial could have far-reaching implications for Ghana’s financial regulation regime, particularly in how licensing, oversight, and consumer protection are enforced.
What Happens Next
The court is expected to continue hearing arguments as both the defence and prosecution present further evidence. As the case unfolds, Ghanaians remain glued to proceedings, eager for clarity, accountability, and closure.
One thing is certain: the Menzgold saga is far from over—and the courtroom drama has only intensified.
