Following the restoration of the licence of GN Savings and Loans Company Limited, finance analyst Nelson Cudjoe Kuagbedzi has said the move will help many people in the informal sector regain financial inclusion.

He explained that this inclusion is possible because of GN Bank’s extensive branch network across the country.

In an interview with Citi News, Kuagbedzi said, “If you look at the operations of GN Bank and GN Savings and Loans, they are located in every nook and cranny of this country. Therefore, the restoration and subsequent operation of the company will go a long way, no matter how you look at it, to promote financial inclusion within the informal sector.”

The story behind GN Bank's licence revocation - Dr Nduom speaks

Meanwhile, the President of Groupe Nduom, Dr Papa Kwesi 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.

On May 21, 2026, the Court of Appeal made a unanimous decision to restore the licence of GN Savings and Loans Company Limited, which was revoked during the banking sector clean-up exercise in 2018.

This ruling followed a three-member panel of the Court of Appeal overturning the decision of the High Court, which had upheld the revocation on the grounds that it was unfair and unreasonable.

The company, owned by Dr Papa Kwesi Nduom, had consistently argued that the revocation of its licence was unlawful, unreasonable, and malicious.

Court records show that on January 4, 2019, GN Bank was downgraded from a universal bank to a savings and loans company and renamed GN Savings and Loans Company Limited.

However, on August 16, 2019, the Bank of Ghana (BoG), then under the leadership of Ernest Addison, revoked the company’s licence and appointed Eric Nana Nipah as receiver.

The company subsequently challenged the decision at the High Court in Accra on August 30, 2019.

On January 24, 2024, Justice Gifty Addo Adjei upheld the BoG’s decision, ruling that governance deficiencies had rendered the company incapable of meeting its obligations.

The court dismissed allegations of malice and illegality, holding that the applicants had failed to establish the company’s solvency at the time of the revocation.

It further ruled that the central bank acted within its constitutional mandate and awarded GH¢50,000 in costs against the applicants.

Dissatisfied with the ruling, the company filed an appeal on January 29, 2024.

Finally, on May 21, 2026, the licence of GN Savings and Loans Company Limited was restored.

SA/MA