Businessman and Groupe Nduom President, 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 in Elmina.
Speaking at the NDUOM School of Business & Technology’s 3rd Congregation and 5th Matriculation Ceremony on Saturday, May 23, Dr. Nduom said the reopening process would be done gradually, with branches expected to resume operations in phases across the country.
“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 announcement comes just days after the Court of Appeal ordered the restoration of GN Savings and Loans’ licence, overturning an earlier High Court ruling that had upheld the revocation of the company’s licence during Ghana’s banking sector clean-up exercise.
The appellate court also directed that all assets be returned to the company’s original owners and instructed the Receiver to hand over management of the institution back to its former leadership.
Dr. Nduom described the court ruling as the start of a new chapter for the company after years of legal and financial challenges following the revocation of its licence in 2019.
He had earlier indicated that the company intends to rebuild stronger and restore confidence among customers and staff affected by the financial sector reforms.
GN Savings and Loans was among several financial institutions affected during Ghana’s banking sector clean-up, which resulted in the revocation of licences and major restructuring within the financial industry.
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