Papa Kwesi Nduom, Founder and Chairman of Groupe Nduom, has called for any sale of Standard Chartered Bank's retail banking business in Ghana to remain in local hands. He stated on Facebook that an indigenous Ghanaian company should be the buyer if Standard Chartered sells its retail unit. This declaration follows an announcement from Standard Chartered PLC regarding a potential sale of its Wealth and Retail Banking business in Ghana.
Standard Chartered PLC is considering this sale as part of a global strategy. The bank aims to concentrate on business areas with greater scale and competitive advantage. Despite the anticipated sale, Standard Chartered has reassured customers it will continue its Corporate and Investment Banking operations in Ghana. This division remains a crucial part of its international network.
This discussion about local ownership is not new within Ghana's financial sector. It reflects a broader trend where international banks re-evaluate their retail operations across Africa. This context encourages local financial institutions to position themselves for expansion. The Bank of Ghana (BoG) has consistently pushed for strong, locally owned financial institutions. The BoG aims to foster resilience and ensure financial services meet Ghana's specific needs. Previous financial sector clean-up exercises emphasized the importance of well-capitalized, well-governed banks, regardless of ownership.
Dr. Nduom made his comments as his financial institution, GN Savings and Loans, moves closer to reopening. The Court of Appeal recently dismissed a Motion for Stay of Execution filed by the Receiver. This decision removes a significant barrier to regaining control of assets and restoring its operating license. The ruling, delivered on June 16, 2026, reinforced the Court of Appeal’s earlier order to reinstate GN Savings and Loans’ license and management. The company's license was revoked in 2019.
The lead counsel for Dr. Nduom described the latest ruling as a major step toward reopening the company. GN Savings and Loans has begun engaging key stakeholders. It prepares to resume operations in phases, starting with its Elmina branch. A successful relaunch of GN Savings and Loans would add another significant local player to Ghana's financial landscape. This would potentially intensify competition within the banking sector.
The call for indigenous ownership highlights a desire to keep financial assets and profits within Ghana's economy. This could lead to increased local investment and job creation. Decision-makers and market observers will be watching closely for potential bidders for Standard Chartered's retail unit. The outcome will influence the future structure of Ghana's retail banking sector. Any sale will likely require regulatory approval from the Bank of Ghana.