GN Savings to Reopen First Branch in Elmina
By Maame Efua Kwaduah
Businessman and President of Groupe Nduom, Papa Kwesi Nduom, has announced that the first branch of GN Savings and Loans to resume operations after the restoration of its licence will be located in Elmina in the Central Region.
The announcement was made during the third Congregation and fifth Matriculation Ceremony of the Nduom School of Business and Technology.
According to Dr. Nduom, the reopening of branches across the country will be carried out gradually as the company works toward rebuilding public confidence and restoring operations after years of legal and financial difficulties.
He explained that the Elmina branch would serve as the starting point of what he described as a renewed journey for the company.
“The first branch we will reopen will be in Elmina, and from there, step by step, we will reopen the other branches over a period of time with renewed confidence and renewed excellence so that we can become better than we were before,” he stated.
The development follows a recent ruling by the Court of Appeal ordering the restoration of GN Savings and Loans’ operating licence after overturning an earlier High Court decision that upheld the revocation of the company’s licence during Ghana’s financial sector clean-up exercise.
The appellate court also directed that all assets belonging to the company be returned to its original owners while management control is handed back to the former leadership of the institution.
GN Savings and Loans was among several financial institutions whose licences were revoked in 2019 as part of reforms aimed at restructuring and stabilising Ghana’s financial sector.
The exercise affected several customers, workers and businesses linked to the institution, leading to years of legal battles and public debate over the impact of the clean-up exercise.
Dr. Nduom described the court ruling as the beginning of a fresh chapter for GN Savings and Loans, adding that management remains committed to rebuilding the institution stronger and restoring trust among customers and staff.
He further indicated that the company would focus on operational excellence, improved service delivery and responsible financial management as it resumes activities.
Industry analysts believe the reopening of GN Savings and Loans could restore confidence among some customers affected during the banking sector reforms, while also reopening conversations on the long-term impact of the financial sector clean-up on local businesses and employment in Ghana.
