Founder and Chairman of Groupe Nduom, Papa Kwesi Nduom, has called for any sale of Standard Chartered’s retail banking business in Ghana to remain in local hands.
In a post on Facebook, he said, “Make no mistake about this: if Standard Chartered is selling its retail banking business, the buyer should be an indigenous Ghanaian company”.
His remarks follow Standard Chartered PLC’s announcement that it is considering the sale of its Wealth and Retail Banking business in Ghana.
The move forms part of the bank’s global strategy to focus on business areas where it has greater scale and a stronger competitive advantage.
Despite the planned sale, the bank has assured customers that it will continue operating its Corporate and Investment Banking business in Ghana. It described that division as an important part of its international network.
Nduom made the comments at a time when his financial institution, GN Savings and Loans, is moving closer to reopening after securing another legal victory.
The Court of Appeal recently dismissed a Motion for Stay of Execution filed by the Receiver. The decision removes another obstacle in the company’s efforts to regain control of its assets and restore its operating licence.
The ruling, delivered on June 16, 2026, strengthens the Court of Appeal’s earlier decision ordering the reinstatement of GN Savings and Loans’ licence and management. The company’s licence was revoked in 2019.
Lead counsel for Dr. Nduom described the latest ruling as a major step towards reopening the company. He said GN Savings and Loans has started engaging key stakeholders as it prepares to resume operations in phases, beginning with its Elmina branch.
The latest developments have renewed discussions about local ownership in Ghana’s financial sector. As some international banks review their retail operations across Africa, local financial institutions are also positioning themselves for growth and expansion.
