GN Savings licence revocation cost us $20m investment opportunity - Nduom

Dr. Papa Kwesi Nduom disclosed that the revocation of the licence of GN Savings and Loans resulted in the loss of a major international financing arrangement that was expected to inject $20 million into Ghana's small business sector. According to Dr. Nduom, the company had secured a loan facility from a United States-based investment institution prior to the regulatory action, but the arrangement collapsed after GN Savings and Loans lost its operating licence. Addressing journalists at a press conference on Friday, May 29, 2026, Dr. Nduom said the funding would have significantly expanded access to credit for traders, entrepreneurs and small-scale businesses across the country.

Dr. Nduom said, "Before the licence was revoked, we had reached an agreement with what was then known as the Overseas Private Investment Corporation (OPIC) of the United States." He added, "I had travelled there, and we signed the contract and agreement for a $20 million loan, which was only awaiting disbursement. The funds were meant to help traders and small business owners do whatever they needed to do. Unfortunately, that opportunity was lost." Dr. Nduom indicated that the facility was designed to support productive economic activity, particularly among micro, small and medium-sized enterprises (MSMEs). He also said his organisation was committed to complying fully with the directives issued by the Court of Appeal concerning the company's operations.

Dr. Nduom said, "So, there are many things that need to be completed, and we are going to do them. What I have told you is that we have received our orders from the Court of Appeal, and we are going to comply with those orders. Those orders contain the word 'immediate.'" Dr. Nduom expressed optimism that outstanding matters would be resolved, allowing the institution to rebuild its operations and continue