GN Savings and Loans Set for Comeback as Dr Nduom Signals Operations May Resume Before End of Year
Dr Nduom says reopening depends on final regulatory approvals
- Dr Nduom projects GN Savings and Loans return before end of year
- Court restores licence and orders asset handover
- Reopening depends on regulatory approvals and processes
President of Groupe Nduom, Dr Nana Kweku Nduom, has indicated that GN Savings and Loans could resume full operations before the end of 2026 following the restoration of its operating licence by the Court of Appeal.
Speaking in an interview, Dr Nduom noted that the reopening of the financial institution will depend on the completion of the required regulatory approvals and administrative processes.
Despite the outstanding procedures, he expressed confidence that the company would return to full operations within the year, suggesting a possible reopening before December, though he described an earlier timeline such as September as ambitious.
“I think it would be this year. I think maybe in the quarter. I think before the end of the year will be a very safe estimate. Before September will be somewhat ambitious,” he stated.
His comments follow the Court of Appeal’s decision to overturn an earlier High Court ruling that had supported the revocation of GN Savings and Loans’ licence during Ghana’s banking sector clean-up exercise.
The appellate court further ordered that all assets of the company be returned to its original owners and directed that management be restored to the former leadership, setting the stage for a phased reopening of branches.
GN Savings and Loans was among several financial institutions affected by the 2019 financial sector clean-up, which led to widespread licence revocations and restructuring within Ghana’s banking and savings and loans industry.
