GN Savings to reopen First Branch in Elmina after court ruling – Nduom
Businessman and Groupe Nduom President, Dr Papa Kwesi Nduom, has announced that the first branch of GN Savings and Loans to resume operations following the restoration of its licence will be located in Elmina.
Speaking at the NDUOM School of Business & Technology’s 3rd Congregation and 5th Matriculation Ceremony on Saturday, May 23, 2026, Dr Nduom revealed that the reopening of branches across the country would be done gradually and in phases.
“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 stated.
The announcement follows a recent Court of Appeal ruling that ordered the restoration of GN Savings and Loans’ operating licence, reversing an earlier High Court decision that upheld the revocation of the company’s licence during Ghana’s banking sector clean-up exercise.
The appellate court further directed that all assets belonging to the company be returned to its original owners and instructed the Receiver to hand over management of the institution back to its former leadership.
Dr Nduom described the ruling as the beginning of a new chapter for the company after years of legal and financial challenges following the licence revocation in 2019.
He indicated that the company is determined to rebuild stronger and restore public confidence among customers, workers, and stakeholders affected by the financial sector reforms.
GN Savings and Loans was among several financial institutions affected during Ghana’s banking sector clean-up, which resulted in the revocation of licences and restructuring within the country’s financial industry.
Comments (0)