Interestingly I was watching something on TV the other night about this very thing (well belly fat in general, not specifically menopausal) and they did a test of their own. They divided people into three groups. One group did calorie intake control, one group did exercise and stomach crunches, and to be honest I've forgotten what the third group did. Maybe one group just did stomach crunches and the other group did general exercise. Anyway, that's the general gist of it.
Now mind you this was not a proper study, but the best results were from the calorie intake control group. It proved that this method was the best way to actually lose the fat. The other two groups had no change at all. Of course exercise is always going to need to be part of a healthy lifestyle, but that in itself is not always the best way to lose actual fat. You always need to monitor what you are actually consuming. It's that old 80/20 rule.
What we all have to remember too is that genetics and gender is always going to have an effect. As women we are designed to carry our fat below the waist. Sometimes it is what it is, but as long as you remain at a healthy weight that's the most important thing.
The thing that is really working for me now is the 5:2 lifestyle. I don't call it a diet because it's not. It's just basically limiting your calorie intake to 500 calories two days a week. The other 5 days you eat normally, but healthily. It's very easy to do and over the last 2 weeks I've lost 2kg. I also walk about 50 minutes a day. In the last 2 weeks my waist is down by 2cm and my belly is down by 3cm, so I'm definitely losing belly fat.
All this is considering that I managed to lose 10kg last year through Weight Watchers, but for some reason my weight totally stalled in October and I've lost nothing since even though I was still following the WW routine and I was still doing my regular exercise. This is something that I feel I can maintain for the rest of life, because it's not a "diet", by just doing one day of the 500 calories a week.