Local ownership push: Nduom calls for Ghanaian buyer of Standard Chartered retail unit

Nduom's call for local control

Dr. Papa Kwesi Nduom, chairman of Groupe Nduom, has publicly demanded that any potential buyer of Standard Chartered's retail banking operations in Ghana must be an indigenous Ghanaian company. The statement comes as Standard Chartered PLC, listed in London, announced plans to sell its Wealth and Retail Banking division in Ghana as part of a global strategy to exit non-core markets.

"Make no mistake about this: if Standard Chartered is selling its retail banking business, the buyer should be an indigenous Ghanaian company," Dr. Nduom said. The bank has confirmed that its corporate and investment banking divisions will continue operations in Ghana.

Nduom's legal breakthrough

Dr. Nduom's advocacy comes at a significant moment for his own financial interests. On 16 June 2026, Ghana's Court of Appeal struck down a Motion for Stay of Execution filed by a government-appointed Receiver, removing a major legal obstacle for GN Savings and Loans. The company's operating licence was revoked during the 2019 financial sector cleanup.

The appellate ruling clears the way for reinstatement of GN Savings and Loans' banking licence and restoration of management control. According to lead counsel for Dr. Nduom, the company has begun stakeholder engagements to prepare for phased resumption of operations, with initial activities planned from its Elmina branch.

Broader implications

The developments underscore growing debate in Ghana about financial ownership, equity, and banking sovereignty. As international banking giants reassess their retail presence across Africa, local players are positioning themselves to recapture market share in the country's financial sector.