Global President of Groupe Nduom, Dr Papa Kwesi Nduom, has announced that the first branch of GN Savings and Loans to reopen after the restoration of its licence will be located in Elmina.
Speaking in a viral video shared on Saturday, May 23, 2026, Dr Nduom said the reopening of branches across the country would be done gradually.
“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,” he stated.
The announcement follows a major legal victory for GN Savings and Loans after the Court of Appeal restored the company’s operating licence.
The three-member panel overturned an earlier High Court ruling that had upheld the Bank of Ghana’s decision to revoke the licence.
The court described the revocation as “unfair and unreasonable” and 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.
Before the revocation, GN Bank had been downgraded and reclassified as a savings and loans company after failing to meet the Bank of Ghana’s new minimum capital requirement.
At the time, the central bank cited insolvency, liquidity challenges, governance concerns, and regulatory breaches as reasons for revoking the company’s licence.
The Bank of Ghana also stated that the institution faced severe liquidity constraints, with many customers unable to access their deposits.
However, Dr Nduom and Groupe Nduom challenged the decision in court, insisting the company had been treated unfairly during the financial sector reforms.
The legal battle lasted nearly seven years before the Court of Appeal restored the licence.
Dr Nduom said the revived institution would return with “renewed confidence” and “renewed excellence” as management works to rebuild customer trust and reposition the company within Ghana’s financial sector.
