The Global President of Groupe Nduom, Dr Papa Kwesi Nduom has announced that the first branch of GN Savings and Loans to resume operations after the restoration of its licence will be located in Elmina, marking what he described as the beginning of a renewed chapter for the financial institution.

Speaking in a viral video shared on Saturday, May 23, 2026, he said the reopening exercise would be carried out gradually across the country.

“So, the first branch we will reopen will be in Elmina and then from here on, step by step, 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,” Dr Nduom stated.

The announcement comes just days after the Court of Appeal delivered a major legal victory to GN Savings and Loans by restoring the company’s operating licence, overturning an earlier High Court ruling that had upheld the revocation of the licence by the Bank of Ghana.

The three-member panel of the Court of Appeal ruled that the revocation was “unfair and unreasonable” and subsequently ordered the receiver to hand over possession, management, and control of the company’s assets and operations back to its shareholders.

GN Savings and Loans was among several financial institutions affected during Ghana’s banking sector clean-up exercise in 2019. Prior to the revocation, GN Bank had already been downgraded and reclassified as a savings and loans company after failing to meet the new minimum capital requirement introduced by the Bank of Ghana.

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At the time, the central bank cited insolvency, liquidity challenges, governance concerns, and breaches of regulatory requirements as reasons for revoking the company’s licence.

The Bank of Ghana also indicated that the institution had a negative capital adequacy ratio and severe liquidity constraints, with many customers reportedly unable to access their deposits.

However, Nduom and Groupe Nduom consistently challenged the decision in court, arguing that the company had been treated unfairly during the financial sector reforms.

The legal battle lasted nearly seven years before the Court of Appeal overturned the earlier ruling and ordered the restoration of the license.

Dr Nduom says the revived institution will return with “renewed confidence” and “renewed excellence,” as management works to rebuild trust among customers and reposition the company within Ghana’s financial sector.

ANAS/EB

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