GN Savings and Loans to reopen first branch in Elmina – Nduom

The historic town of Elmina is set to host the very first operational branch of GN Savings and Loans as it prepares to reopen its doors to the public.

The President of Groupe Nduom, Dr Papa Kwesi Nduom, made the disclosure just days after securing a monumental judicial victory that completely overturned the state’s revocation of the institution’s operating licence.

Addressing academics, graduates, and traditional leaders at the 3rd Congregation and 5th Matriculation Ceremony of the Nduom School of Business & Technology (NSBT) on Saturday, 23 May 2026, Dr Nduom announced that the company’s physical revival would be executed through a disciplined, phased approach across the country.

Confronting the audience with a renewed sense of purpose, the businessman stated that the return of the financial firm would not happen overnight but through a calculated, step-by-step restoration strategy.

“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, working with renewed confidence and renewed excellence so that we can be better than we were before,” Dr Nduom declared.

The Judicial Directives

The appellate court completely set aside an earlier 2024 judgement delivered by the Human Rights Division of the High Court, which had previously validated the state’s controversial closure of the firm during the contentious financial sector clean-up exercise.

The court explicitly ordered that all seized corporate assets be immediately returned to the company’s original owners.

Furthermore, the appellate court instructed the state-appointed Receiver to immediately hand over administrative management and operational keys back to the former leadership of the institution.

A Fresh Chapter After the Storm

Dr Nduom described the decisive appellate outcome as the official beginning of a fresh, unburdened chapter for his business conglomerate.

The group has endured extensive financial bottlenecks, asset freezes, and reputational damage since the Bank of Ghana collapsed the savings and loans firm during the height of the financial reforms in 2019.

Before its sudden closure, the bank held one of the most sprawling branch networks in the country, with an operational focus on driving financial inclusion by taking formal banking services straight to the doorsteps of rural communities, micro-traders, and smallholder farmers.

The Groupe Nduom boss reiterated that the overarching ambition of the upcoming rollout is to rebuild a structurally stronger institution capable of restoring total confidence among millions of depositors and thousands of former employees who were displaced by the sweeping regulatory reforms.

With Elmina officially designated as the operational launchpad, financial analysts are closely watching how the central bank and the technical teams of Groupe Nduom will collaborate to ensure a smooth, secure regulatory transition back onto the mainstream market.

المصدر: MyJoyOnline (GH)