Groupe Nduom (GN) President and businessman, Dr. Papa Kwesi Nduom, has stated that the first GN Savings and Loans office to resume operations after its licence restoration will open in Elmina.
Speaking at the NDUOM School of Business & Technology’s 3rd Congregation and 5th Matriculation Ceremony on Saturday, May 23, Dr. Nduom noted the relaunch will roll out in stages, with branches reopening nationwide 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 said.
The update follows the Court of Appeal’s order to reinstate GN Savings and Loans’ licence, reversing an earlier High Court decision that backed the revocation during Ghana’s banking sector clean-up.
The appellate court also ordered all assets returned to the original owners and directed the Receiver to transfer control back to the firm’s former executives.
Dr. Nduom called the ruling a new chapter for the company after years of legal and financial setbacks since the 2019 licence withdrawal.
He previously said the firm plans to rebuild stronger and win back trust from clients and staff hit by the financial sector reforms.GN Savings and Loans was among several firms affected during Ghana’s banking sector clean-up, which triggered licence cancellations and restructuring across the industry.
