–BY Daniel Bampoe
The Court of Appeal has rejected an attempt by Nana Appiah Mensah, popularly known as NAM1, to halt ongoing criminal proceedings against him, marking another legal setback in the long-running saga of the defunct gold dealership firm, Menzgold Ghana Limited.
NAM1, the Chief Executive Officer of the collapsed investment firm, had filed an application seeking to stay proceedings at the High Court, where he is currently facing multiple charges including defrauding by false pretences, operating a deposit-taking business without a license, money laundering, and selling gold without authorization.
His request was tied to a pending appeal challenging the High Court’s earlier ruling that directed him to open his defense in the criminal case.
But on Monday, May 19, 2025, a three-member panel of the Court of Appeal, presided over by Justice Gbiel Suurbaareh with Justices Afia Serwaa Asare-Botwe and Christopher Archer concurring, unanimously dismissed the application.
The panel found no legal merit in NAM1’s bid to delay the trial, siding with state prosecutors who argued that the motion was merely a tactic to obstruct the course of justice.
The decision paves the way for the High Court to proceed with the substantive criminal case, compelling NAM1 to finally answer to the charges brought against him—charges tied to one of the largest financial scandals in Ghana’s recent history.
Menzgold Collapse
Menzgold Ghana Limited was shut down in 2018 by the Securities and Exchange Commission (SEC) after it was found to be operating an unlicensed deposit-taking scheme under the guise of gold trading.
The company had promised customers high returns on investments, luring thousands of Ghanaians—many of whom invested their life savings—into what regulators later described as a Ponzi-style operation.
Following the collapse, NAM1 was arrested and later released on bail, but the wheels of justice have turned slowly, frustrating victims who have waited years for closure.
The criminal trial began with preliminary legal wrangling, and the latest attempt to pause proceedings was widely seen as part of a larger effort by NAM1’s legal team to delay accountability.
Victims Respond to Ruling
Frederick Forson, spokesperson for a coalition of aggrieved Menzgold customers, welcomed the court’s decision.
“This ruling is a significant step toward justice,” he said. “We’ve endured hardship and disappointment for far too long. NAM1 must face the law, and we hope this finally leads to some resolution for the thousands of people who lost everything.”
The Office of the Attorney General has reiterated its commitment to pursue the case to its logical conclusion, vowing to ensure that the interests of victims are protected and justice is served.
