GN Savings licence revocation cost the company $20 Million investment deal – Nduom
Ghanaian businessman and President of Groupe Nduom, Dr Papa Kwesi Nduom, has revealed that the revocation of GN Savings and Loans’ licence resulted in the loss of a $20 million investment facility that was intended to support small businesses across Ghana.
Addressing journalists at a press conference on Friday, May 29, 2026, Dr Nduom said the company had successfully secured a financing agreement from a private investment institution in the United States before regulatory actions brought operations to a halt.
According to him, the agreement had already been finalized and was awaiting the release of funds when the licence was revoked, effectively terminating the opportunity.
Dr Nduom explained that the funding was designed to provide financial support to traders and small-scale entrepreneurs, helping them expand their businesses and improve their operations.
“Before the licence revocation, we had concluded an agreement with the organisation then known as the Overseas Private Investment Corporation (OPIC) in the United States,” he said.
“I travelled there personally, and we signed all the necessary documents for a $20 million loan facility. The funds were ready for disbursement and were intended to assist traders and small business owners. Unfortunately, when the licence was revoked, that opportunity disappeared.”
He noted that despite the setback, the company remains focused on complying with the directives outlined in the recent Court of Appeal ruling concerning the matter.
Dr Nduom stated that several outstanding issues still need to be addressed and assured stakeholders that the company would act promptly to satisfy the court’s requirements.
“There are a number of things that must be completed, and we are committed to doing them. We have received the Court of Appeal’s orders, and we intend to comply fully. The court specifically directed that the actions be carried out immediately,” he said.
He further stressed that the company remains determined to continue pursuing its original mission, arguing that the institution had demonstrated significant potential before its operations were interrupted.
“I have also explained that we have a clear purpose for returning because the vision we were pursuing had already begun yielding positive results,” he added.
“We lost a $20 million loan due to the revocation of our license.”
— Dr. Papa Kwesi Nduom, Founder and CEO of Groupe Nduom, reveals pic.twitter.com/RxTiru1U4H
— 𝐀𝐒𝐊 (@askghmedia) May 29, 2026
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