After the German invasion of Greece, he supported collaboration with the Axis powers. On 30 April 1941 he was appointed minister of finance in the collaborationist government of Georgios Tsolakoglou. After the dismissal of Tsolakoglou on 2 December 1942, Gotzamanis continued in his post in the government of Konstantinos Logothetopoulos. His ministry also oversaw agriculture, industry, trade and labor. When Logothetopoulos was dismissed in 1943, the Italians favored him to succeed Logothetopoulos as Prime Minister of Greece, but the position went to Ioannis Rallis instead.
After the liberation of Greece
As the Axis forces withdraw from Greece in 1944, Gotzamanis fled to Italy and then Nazi Germany. In his absence, a Greek court sentenced him to death in January 1945 for treason. He returned to Greece several years later and was a candidate for mayor of Thessaloniki in 1954. He participated in the elections of 11 May 1958. He died 6 months later of a stroke and uremia at the age of 73. He is buried in Thessaloniki.[1][2][3][4]