GN Bank to reopen first branch in Elmina after court restores licence — Paa Kwesi Nduom

• The Court of Appeal has restored the licence of GN Savings and Loans, overturning both the Bank of Ghana’s revocation decision and a previous High Court ruling.

• Dr Paa Kwesi Nduom says the first GN Bank branch to reopen will be in Elmina, with other branches expected to follow gradually.

• The bank plans to rebuild operations with what Dr Nduom describes as “renewed confidence” and a focus on doing better than before.

Founder of GN Bank Limited, Papa Kwesi Nduom, has announced that the first branch of the bank to resume operations following its restored licence will be located in Elmina in the Central Region.

The announcement comes shortly after the Court of Appeal ruled in favour of GN Savings and Loans Company Limited, overturning the earlier revocation of its operating licence by the Bank of Ghana.

In a unanimous decision, a three-member panel of the Court of Appeal quashed both the Bank of Ghana’s decision to revoke the company’s licence and an earlier High Court ruling that upheld the action.

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The court also ordered the receiver to return management, control, and possession of the company’s assets to shareholders, paving the way for the institution’s return to operation after nearly seven years.

Dr Nduom disclosed that Elmina would be the first location where the bank would resume operations, adding that reopening efforts would happen gradually across the country.

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According to him, the institution plans to rebuild steadily while focusing on stronger operations and improved service delivery.

The dispute began in January 2019 when GN Bank was reclassified as a savings and loans company and renamed GN Savings and Loans Company Limited.

However, on August 16, 2019, the Bank of Ghana, under former Governor Ernest Addison, revoked the company’s licence as part of the banking sector clean-up exercise and appointed a receiver.

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Groupe Nduom, owners of the company, challenged the revocation in court that same year. Although the High Court ruled in favour of the central bank in January 2024, the Court of Appeal has now overturned that decision.

Dr Nduom earlier described the seven-year period as difficult for the company, its staff, and customers, saying the organisation remained committed to rebuilding stronger despite the losses suffered.