Mr Mensah said claims that the gold dealership company is 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 operated in Ghana again.

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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 has 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.

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“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.

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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

The latest to join that list of personalities, supporting Nana Appiah Mensah, CEO of Menzgold, is rapper Sarkodie.

Sarkodie, who is a known friend of Mr Mensah, has vouched for his credibility.

Rapper Sarkodie says Nana Appiah Mensah genuinely cares about Ghana.

READ: Menzgold reacts to SEC

The SEC had said that Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

The business, according to SEC, is in contravention of “Section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”

Meanwhile, Menzgold has urged its customers to keep calm despite the directive from the SEC.

The gold dealership expressed disappointment in the regulator for leaking to the public, its directive to the company in spite of their cooperation and submission to investigations into their business.

Actress Benedicta Gafah, in a video, assured all customers of Menzgold to remain calm. She noted that their gold deposit is safe.