The CEO of Menzgold, Nana Appiah Mensah, has moved to assure Ghanaians that the gold dealership firm will not fold after the Deputy Minister of Finance controversially claimed that the company was on the verge of being closed down in the country.

Mr Mensah said claims that the gold dealership company is a financial is not accurate insisting the company only does gold trading contrary to the claims of the authorities.

Charles Adu Boahen sparked fear and panic in the country on Thursday during the JoyBusiness Financial Service Forum when he implied that Menzgold will not be operation in Ghana again.

The deputy minister made the bizarre claim at the public gathering even though there is a legal battle between Menzgold, the Bank of Ghana and the Securities and Exchanges Commission (SEC) at the Accra High Court. Despite the ongoing legal tussle and the final determination of the status of Menzgold by the court, Boahen jumped the gun by hinting that they will not allow the company to operate in the country again classifying it as a financial institution.

“With the Menzgold issue, I think it is clear that the end is here. He is done,” Boahen said at the JoyBusiness Financial Service Forum.

The statement of the Deputy Minister looks have spurred the CEO of Menzgold who insists they are operating a legal business, assuring customers they are not on the verge of being closed down.

“Menzgold is NOT a financial institution. Menzgold is a vibrant promising African brand that is here to stay. Menzgold is law abiding,” Nana Appiah Mensah wrote on Twitter on Thursday night.

The statement by Mr Mensah is bound to calm the nerves of thousands of Ghanaians who are customers of the gold dealing firm who were sent into panic mode following the claims of the Deputy Minister.

Menzgold on September 27, 2018, hauled the Securities and Exchange Commission (SEC) and the Bank of Ghana (BoG) to court over what it deemed as an unfair treatment being meted out to the company. Menzgold in its suit is seeking an order from the court to halt these two state institutions from interfering in its business and operations.

The gold dealership company is also asking the court to stop the BoG and the SEC from further publishing what it described as “derogatory notices” against its business.

The statement by the Deputy Minister of Finance could be seen to be contempt of court as the matter is still being addressed at the Accra High Court.

Menzgold is NOT a financial institution. Menzgold is a vibrant promising African brand, that is here to stay. Menzgold is law abiding. Great is thy faithfulness, O! God. Hail! Menzgold #Floreat! Menzgold #Jehovahknows #JehovahSees #GhanaShallProsper pic.twitter.com/aHTemphr0n

— Nana Appiah Mensah (@mn_appiah) November 1, 2018