Founder and Head of Groupe Nduom, Papa Kwesi Nduom, has called for any potential sale of Standard Chartered’s retail banking operations in Ghana to be placed in the hands of indigenous Ghanaian investors.
In a Facebook post, he argued that local ownership should be prioritised if the international bank proceeds with its plan to divest its Wealth and Retail Banking business in the country.
“Make no mistake about this: if Standard Chartered is selling its retail banking business, the buyer should be an indigenous Ghanaian company,” he stated.
His comments follow Standard Chartered PLC’s announcement that it is exploring the sale of its retail banking arm in Ghana as part of a global restructuring strategy aimed at concentrating on areas where it holds stronger competitive advantage. The bank has clarified, however, that its Corporate and Investment Banking division in Ghana will remain operational and continue to serve as part of its international network.
The debate around ownership in the financial sector comes at a time when Nduom’s own financial services firm, GN Savings and Loans, is nearing a possible return to full operations after recent legal developments.
The Court of Appeal recently dismissed a Motion for Stay of Execution filed by the Receiver, further clearing the path for the restoration of the company’s operating licence and management control.
The ruling, delivered on June 16, 2026, reinforces earlier court directives ordering the reinstatement of GN Savings and Loans following the revocation of its licence in 2019.
According to legal representatives of Dr. Nduom, the decision represents a key milestone in the company’s efforts to resume operations, with plans underway for a phased reopening beginning with its Elmina branch.
The developments have added momentum to broader discussions about local participation in Ghana’s financial sector, particularly as multinational banks reassess their retail footprints across Africa and domestic firms seek renewed expansion opportunities.
