The President of Groupe Nduom, Dr Papa Kwesi Nduom, has disclosed that the revocation of the licence of GN Savings and Loans resulted in the loss of a major international financing arrangement that was expected to inject $20 million into Ghana’s small business sector.
According to him, the company had secured a loan facility from a United States-based investment institution prior to the regulatory action, but the arrangement collapsed after GN Savings and Loans lost its operating licence.
Addressing journalists at a press conference on Friday, May 29, 2026, Dr Nduom said the funding would have significantly expanded access to credit for traders, entrepreneurs and small-scale businesses across the country.
He explained that negotiations for the facility had been successfully concluded and all major documentation had been signed, leaving only the release of the funds before the intervention by regulators disrupted the process.
“Before the licence was revoked, we had reached an agreement with what was then known as the Overseas Private Investment Corporation (OPIC) of the United States,” he said.
“I had travelled there, and we signed the contract and agreement for a $20 million loan, which was only awaiting disbursement. The funds were meant to help traders and small business owners do whatever they needed to do. Unfortunately, that opportunity was lost,” he added.
Impact on businesses
Dr Nduom indicated that the facility was designed to support productive economic activity, particularly among micro, small and medium-sized enterprises (MSMEs), which remain a critical pillar of Ghana’s economy.
He suggested that the loss of the financing package deprived many businesses of a potential source of affordable capital at a time when access to credit remains a major challenge for entrepreneurs.
The businessman maintained that GN Savings and Loans had established a strong relationship with thousands of customers across the country before its operations were halted, arguing that the institution had played an important role in supporting local economic development.
Compliance with court directives
Touching on recent legal developments, Dr Nduom said his organisation was committed to complying fully with the directives issued by the Court of Appeal concerning the company’s operations.
He stressed that the company was taking steps to satisfy all legal requirements and obligations outlined by the court as it works towards resuming business activities.
“So, there are many things that need to be completed, and we are going to do them. What I have told you is that we have received our orders from the Court of Appeal, and we are going to comply with those orders. Those orders contain the word ‘immediate,’” he stated.
Dr Nduom said the company remained determined to return to the financial sector because it believed strongly in the value of the services it had previously provided to customers.
“I have also told you that we have a purpose and a reason to return because what we were trying to achieve had become successful,” he added.
Looking ahead
The remarks come amid ongoing discussions surrounding the future of GN Savings and Loans following recent court decisions and efforts by the company to restore operations.
Dr Nduom expressed optimism that outstanding matters would be resolved, allowing the institution to rebuild its operations and continue supporting businesses and individuals who depend on financial services for growth and investment.
He maintained that despite the challenges experienced over the years, the company remained focused on meeting regulatory requirements and fulfilling its long-term vision of expanding financial inclusion and supporting economic activity across the country.
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