Papa Kwesi Nduom has announced plans to begin reopening branches of GN Savings and Loans following the restoration of the company’s operating licence, describing the move as the beginning of a gradual revival of the financial institution after years of legal and regulatory battles.
Speaking during a matriculation ceremony at the Nduom School of Business and Technology, Dr. Nduom disclosed that the first branch to resume operations will be in Elmina.
“The first branch we will reopen will be in Elmina. From there, step by step, we will get the other branches reopened over a period of time,” he stated to applause from students, staff, and invited guests.
The announcement comes shortly after a landmark ruling by the Court of Appeal, which overturned an earlier High Court decision and directed the Bank of Ghana to restore the licence of GN Savings and Loans.
The Appeals Court, sitting as a three-member panel, also ordered that all assets belonging to the company be returned to its original owners and instructed the Receiver to hand over management of the institution to its former leadership.
The ruling marks a major turning point in one of Ghana’s most closely followed disputes arising from the financial sector clean-up exercise initiated in 2018.
GN Savings and Loans was among several financial institutions affected during the reforms, which led to the revocation of licences and the collapse or restructuring of multiple banks and savings companies.
For many customers and stakeholders, the restoration of the licence signals renewed hope that the institution can regain stability and rebuild trust after years of uncertainty.
Addressing the gathering at the matriculation ceremony, Dr. Nduom expressed optimism about the future of the company and assured stakeholders that the reopening process would be handled steadily and responsibly.
He also used the occasion to encourage students to embrace resilience, innovation, and long-term planning in their personal and professional lives, stressing that setbacks should not discourage ambitious individuals from pursuing their goals.
According to him, the revival of GN Savings and Loans demonstrates the importance of perseverance and determination even in difficult times.
The reopening of the Elmina branch is expected to serve as the first phase of a broader nationwide restoration strategy, with additional branches anticipated to resume operations progressively in the coming months.
Industry players say the development could reignite debate over Ghana’s financial sector clean-up exercise and its long-term impact on indigenous financial institutions, businesses, and customers across the country.
By 1960news.com
