Papa Kwesi Nduom, Founder and Head of Groupe Nduom, says any potential sale of Standard Chartered’s retail banking business in Ghana should be acquired by an indigenous Ghanaian company.
In a Facebook post, he stated: “Make no mistake about this: if Standard Chartered is selling its retail banking business, the buyer should be an indigenous Ghanaian company.”
His comments come after Standard Chartered PLC announced it is exploring the sale of its Wealth and Retail Banking business in Ghana, as part of a broader global strategy to focus on segments where it has greater scale and competitive advantage. The bank has, however, stressed that its Corporate and Investment Banking operations in Ghana will continue, describing them as a key part of its international network.
Meanwhile, Nduom’s position also comes at a time his financial services company, GN Savings and Loans, is moving closer to resuming operations after securing a fresh legal victory.
The Court of Appeal recently struck out a Motion for Stay of Execution filed by the Receiver, clearing another hurdle in the company’s bid to restore its operating licence and regain control of its assets.
The ruling, delivered on June 16, 2026, strengthens earlier orders by the Court of Appeal directing the reinstatement of GN Savings and Loans’ licence and management control, following the revocation of its licence in 2019.
Lead counsel for Dr. Nduom described the decision as a significant step toward reopening, noting that the company is now engaging stakeholders as it prepares for a phased resumption of operations, beginning with its Elmina branch.
The development adds a local dimension to the broader debate over ownership and control in Ghana’s financial sector, as international banks adjust their retail banking strategies across Africa and local players position themselves for renewed expansion.
