Traders, market women in Takoradi celebrate court order to restore GN Bank licence

Following the landmark Court of Appeal ruling ordering the immediate restoration of the operating licence of GN Savings and Loans (formerly GN Bank), a wave of excitement and relief has swept through the business community in Takoradi. 

Petty traders and market women within the Sekondi-Takoradi Metropolis (STMA) have loudly applauded the judicial decision, describing it as a massive victory for small-scale businesses and a step in the right direction for the local economy. 

Before its licence was revoked by the Bank of Ghana during the 2019 financial sector clean-up, GN Bank was widely recognised as the go-to financial institution for ordinary traders, thanks to its flexible daily “susu” collection models and accessible micro-credit facilities. 

The sudden shutdown seven years ago left many small businesses stranded, cutting off vital access to working capital. 

Reacting to the news of the court’s unanimous decision—which flagged the central bank’s initial revocation as unfair and unreasonable—several traders at the temporary market sites near the Takoradi Market Circle could not hide their joy. 

As management lays the groundwork to resume operations from where they left off, the expectant traders of Takoradi say they are ready and waiting to jumpstart their savings accounts the moment the banners go back up. 

“This is the best news we have heard all year. GN Bank understood the ordinary market woman. Their agents came right to our stalls to collect our daily savings. When they closed down, many of us struggled to secure loans from the bigger commercial banks. We thank the court for doing the right thing”, said Auntie Mary, a vegetable vendor. 

Other retail traders echoed similar sentiments, stating that they are counting down the days until the bank officially reopens its doors. 

Mr Kweku Essuman, a footwear dealer remarked that they can’t wait to see them back in operation adding, “GN Bank wasn’t just a bank for the rich; it was a bank for the masses. 

According to him, the bank’s return meant that they could finally access flexible credit to expand their shops again. 

Source: GNA