Standard Chartered's Ghana retail business must go to local ownership – Nduom

Founder and Chairman of Groupe Nduom, Papa Kwesi Nduom, has urged that any sale of Standard Chartered's retail banking operations in Ghana should be acquired by a local Ghanaian company. He made the statement on Facebook as Standard Chartered PLC announced plans to offload its Wealth and Retail Banking business in the country as part of a global strategic refocus.

The international bank said the move forms part of its broader restructuring to concentrate on business areas where it enjoys greater scale and competitive advantage. However, Standard Chartered confirmed it will maintain its Corporate and Investment Banking division in Ghana, describing it as a vital component of its international operations network.

Nduom's comments come at a significant moment for his own financial institution, GN Savings and Loans, which is moving closer to operational revival. The Court of Appeal recently dismissed a Motion for Stay of Execution filed by the Receiver on 16 June 2026, removing a major hurdle in the company's bid to reclaim its assets and restore its operating licence.

The ruling reinforces an earlier Court of Appeal decision mandating the reinstatement of GN Savings and Loans' licence and management team. The company's licence was revoked in 2019, but the latest legal victory strengthens its position for reopening. According to the company's lead counsel, GN Savings and Loans has begun stakeholder engagement and plans to resume operations in phases, with its Elmina branch set to reopen first.

The developments have reignited debate about local ownership in Ghana's financial sector at a time when international banks are reassessing their retail footprint across Africa. Local financial institutions are simultaneously positioning themselves for growth and market expansion in the country.