GN Savings and Loans Company has begun steps toward resuming business operations following a Court of Appeal ruling that directed the restoration of its operating licence—though the Bank of Ghana has escalated the dispute to the Supreme Court, leaving the final outcome unresolved.
The development was announced in Accra on Friday by Dr Papa Kwesi Nduom, Founder and Chairman of Groupe Nduom, who said the institution was acting in line with what he described as a binding court directive requiring immediate reinstatement of the licence revoked in 2019.
The Court of Appeal, in a judgment delivered on May 21, 2026, overturned the Bank of Ghana’s decision to revoke GN Savings’ specialised deposit-taking licence and declare it insolvent. The court further ordered that the licence be restored and directed the receiver to hand over the company’s assets to its shareholders.
Dr Nduom said the ruling had triggered preparations for a phased reopening of branches nationwide, stressing that the instruction for “immediate” restoration required swift action despite ongoing legal proceedings.
“We are moving to comply with the court’s decision while respecting due process,” he indicated, adding that operational planning for the restart had already begun.
However, uncertainty remains as the Bank of Ghana has filed an appeal at the Supreme Court, raising questions about how the ruling will be implemented while the case is still being contested.
Despite this, GN Savings has outlined a gradual reopening strategy, starting with about 10 branches in selected locations. According to Dr Nduom, renovation works have already commenced at some sites, including Elmina, as part of preparations for resumption.
He added that the company’s systems had been tested and found ready, with infrastructure, equipment, and operational frameworks already in place after years of inactivity. Former employees, he noted, had also been identified for possible re-engagement to support the reopening process.
The institution is also exploring partnerships with universal banks to facilitate essential services such as cheque clearing, remittances, and mobile money transactions—services it cannot independently provide under its current structure.
Before its closure in 2019, GN Savings operated more than 300 branches and served over one million customers, many in rural and underserved communities. Dr Nduom argued that its absence had significantly reduced access to financial services in those areas, particularly for traders and small-scale businesses.
He maintained that reopening the institution would help restore financial inclusion and stimulate economic activity outside major urban centres.
While preparations continue, the legal battle between GN Savings and the central bank remains unresolved, with the Supreme Court expected to determine the final direction of the case. The outcome is likely to have far-reaching implications for both the company and Ghana’s broader financial sector.
