Accra: Elated traders at the Kotokuraba Central Business District in Cape Coast had welcomed the Court of Appeal's decision to restore GN Bank's licence after its revocation by the Bank of Ghana some seven years ago.
According to Ghana News Agency, despite heavy rains and slow sales when news got to them of the Court's decision on Thursday morning, the visibly relieved traders said it would help stabilize the operations of small and medium-sized enterprises and restore confidence in local lending services. They noted that the licence restoration would reopen essential banking services, revive credit lines previously relied on by small businesses, and ease cash-flow constraints that had hampered trade during the bank's regulatory difficulties.
The traders urged GN Bank and regulators to ensure a smooth, transparent resumption of services, so customers could promptly regain access to deposits, loans, and payment services. Madam Efua Agyapong, a second-generation textile trader at Kotokuraba, said GN Bank's quick microloans kept her business afloat during quiet months. She cited the bank's efficiency in providing short loans, which allowed her to bring in new fabrics from Accra quickly.
Sanitary items seller, Madam Fatimatu Iddrisu, praised the bank's understanding of local commerce and its faster turnaround on small loans compared with larger banks. She highlighted the convenience of GN Bank's local branches across the region, particularly in Cape Coast and Elmina, which had streamlined deposit, withdrawal, and payment services, reducing the need for traders to travel to distant banks.
Mr. Daniel Mensah, who operates a provision and rice shop, recalled relying on GN Bank's overdraft to purchase bulk rice to boost his business. He expressed hope that with the licence restored, he could restock and serve more customers effectively. Similarly, Mrs. Akosua Darko, a frozen-fish seller, emphasized the convenience of GN Bank's mobile and branch services, which facilitated daily 'susu' collections and supplier payments without lengthy queues. She shared that before the closure, the bank had been instrumental in helping her save and send money to her family in the north.
Many traders described GN Bank as a dependable source of short-term loans and overdrafts that supported stock purchases and met seasonal demand. They viewed the court's decision as evidence that regulatory and legal processes could rectify disruptive outcomes and help restore customer confidence and normal trading operations.