NAM1 tells court his gold-buying business was licensed, vows to produce documents
Under cross-examination, he rejected claims that he traded without approval, arguing that his firm, A2, was duly incorporated and licensed to undertake activities including gold purchasing, value addition and exports.
The chief executive of Menzgold Ghana, Nana Appiah Mensah, has told an Accra High Court that he was properly authorised to operate as a gold-buying company.
Under cross-examination, he rejected claims that he traded without approval, arguing that his firm, the second accused, was duly incorporated and licensed to undertake activities including gold purchasing, value addition and exports.
Mensah is facing 39 charges, including selling gold without a licence, fraudulent breach of trust, defrauding by false pretences and money laundering. Prosecutors allege he used his business structure to defraud customers.
He told the court that his Menzgold had applied to the Precious Minerals Marketing Company, completed documentation, paid the required fees and went through vetting before receiving authority to operate.
He said the regulatory environment later shifted when PMMC’s role changed, prompting advice for Menzgold to reapply through the Minerals Commission. He said that process, too, was followed through to completion, including the submission of a detailed business profile and payment of fees, before approvals were granted.
Asked to provide proof of the licences, Mensah said he would try to present the documents before the next hearing.
He told the court that access to some records became difficult after the company was shut down by the Securities and Exchange Commission (Ghana) and offices came under the control of the Economic and Organised Crime Office, making it harder to account for documents he considers critical to his defence.
The trial has been adjourned to 19 February. The presiding judge, Sedinam Awo Kwadam, ordered the defence to file Mensah’s witness statement, with prosecutors arguing that the written statement is necessary to keep the proceedings on track.
Separately, Frederick Forson, a convener for affected customers, claimed nearly 300 members have died over the years amid frustration over unpaid investments. He urged the court to consider more frequent sittings to accelerate the case.
