Businessman and Groupe Nduom President, Dr Papa Kwesi Nduom, has announced that Elmina will host the first branch of GN Savings and Loans to reopen following the court-ordered restoration of its operating license.

Speaking at the NDUOM School of Business & Technology 3rd Congregation and 5th Matriculation Ceremony on Saturday, May 23, Dr Nduom explained that the reopening process will occur gradually, with branches resuming operations in phases across the country to ensure renewed excellence and better service.

The announcement follows a recent Court of Appeal ruling that ordered the restoration of GN Savings and Loans’ license. This decision overturned an earlier High Court ruling that had upheld the revocation of the company’s license during Ghana’s banking sector clean-up exercise. In its judgment, the appellate court directed that all assets be returned to the company’s original owners and instructed the Receiver to hand over management back to the former leadership.

Dr Nduom described the legal victory as the start of a fresh chapter for the business after years of financial and legal challenges following the initial 2019 license revocation. He previously indicated that the institution intends to rebuild and restore confidence among its customers and employees who were affected by the financial sector reforms.

GN Savings and Loans was one of several financial institutions impacted by the Bank of Ghana's banking sector clean-up, which resulted in widespread license revocations and restructuring across the domestic financial industry.