Traders in Wa’s central business district have welcomed the Court of Appeal’s decision to restore the banking licence of GN Savings and Loans (formerly GN Bank), expressing hope that the revived institution will once again serve the town’s largely informal economy.
GN Bank had been a popular choice for market traders and informal-sector workers across the Wa municipality. Before its license was revoked in 2019, the institution operated four branches in the area—Wa Market, Main (Sokpariyiri), Charia and Bamahu—providing easy access to savings, loans and other microfinance services.
A Yiri News inspection of the former branch locations found the premises put to varied alternative uses. The Charia branch, which occupied rented premises, is now home to a private laboratory and diagnostic services provider. The Wa Market site is being used as retail space. The Bamahu branch, also in a rented building, was recently renovated and repurposed. During a visit on Friday, 22 May 2025, Yiri News found the Sokpariyiri main branch unlocked with cleaners at work; they declined to speak to our reporter.
Market traders interviewed expressed cautious optimism about the bank’s return. “We’re happy to hear GN Bank is back. We hope things go well so that we can begin banking with them again,” said Aminata, a trader at Wa Market. When asked whether they still had confidence in the institution, many traders answered affirmatively, saying they believed the earlier collapse was politically motivated rather than the result of mismanagement.
The Bank of Ghana revoked GN Bank’s licence on 16 August 2019 amid a broader crisis in the non-bank financial sector that left many customers and businesses scrambling for alternatives. On 13 May 2025, the Court of Appeal ordered the restoration of the licence to GN Savings and Loans, clearing the way—at least legally—for the group to resume financial services.
Dr. Papa Kwesi Nduom, founder and president of Groupe Nduom, posted a message on his Meta page thanking President John Dramani Mahama and several traditional and religious leaders for their support during the legal fight. He assured customers that the group would move quickly to put measures in place for the bank to resume operations nationally.
Local stakeholders say resumption of services in Wa could revive convenient access to credit and deposit services for micro-entrepreneurs who rely on small, local branches. Still, traders and residents stressed the need for transparency about safeguards, deposit protection and the timeline for reopening branches to restore full public confidence.
