Dr Papa Kwesi Nduom, the businessman and President of Groupe Nduom, has announced that the first branch of GN Savings and Loans to reopen following the restoration of its operating licence will be located in Elmina.
Speaking at the NDUOM School of Business & Technology’s third congregation and fifth matriculation ceremony, Dr Nduom explained that the reopening process would be carried out gradually, with branches resuming operations in phases across Ghana.
“The first branch we will reopen will be in Elmina, and then from here on, step by step, we will get those branches opened over a period of time, but working with renewed confidence, renewed excellence so that we can be better than we were before,” he said.
The announcement follows a Court of Appeal order to restore the licence of GN Savings and Loans. This decision overturned an earlier High Court ruling that had upheld the revocation of the company’s licence during Ghana’s banking sector clean-up. Additionally, the appellate court directed that all assets be returned to the original owners and instructed the receiver to hand management back to the institution’s former leadership.
Dr Nduom described the ruling as the start of a fresh chapter for the business after years of legal and financial difficulties following the 2019 revocation.
He previously stated that the company intends to rebuild stronger and restore confidence among customers and employees affected by the financial sector reforms.
GN Savings and Loans was one of several financial institutions impacted by Ghana’s banking sector clean-up, which resulted in widespread licence revocations and industry restructuring.
