The Bank of Ghana has granted a "No Objection" to the proposed takeover of Societe Generale Ghana by Morocco-based Attijariwafa Bank. This regulatory clearance marks a significant step towards completing the transaction, which will see Attijariwafa Bank become the majority shareholder of Societe Generale Ghana. The BoG's decision was based on several factors, including Attijariwafa Bank's financial strength and its capacity to support large-scale financing.
Attijariwafa Bank is one of Africa's major financial institutions, with a broad presence across the continent, Europe, and the Middle East. Its financial capacity is expected to strengthen its ability to participate in large-scale financing transactions and support businesses operating in Ghana and across the region. The bank's entry into Ghana's banking sector is expected to increase competition and provide more financing options for businesses.
The regulator considered the potential impact of the transaction on competition in Ghana's commercial banking sector. Sources indicate that none of the existing shareholders, including Ghanaian shareholders, raised objections to the proposed takeover during the regulatory process. This suggests that the takeover is widely supported by stakeholders.
Despite the BoG's "No Objection", the transaction is not yet fully completed. Societe Generale Ghana is listed on the Ghana Stock Exchange, and the transaction will require the necessary approvals from the Securities and Exchange Commission. The SEC will need to approve the transfer of shares and other requirements arising from the change in ownership.
Societe Generale Group currently holds a 60.22% controlling stake in Societe Generale Ghana. Under the agreement announced on October 1, 2026, Attijariwafa Bank will acquire 55.22%, while the Social Security and National Insurance Trust will acquire an additional 5%. Once completed, Attijariwafa Bank will become the new majority shareholder and take over the activities, client portfolios, and employees of Societe Generale Ghana.
Discussions surrounding the transaction have included commitments aimed at protecting jobs within Societe Generale Ghana. There are also indications that assurances have been secured to allow some senior management positions to remain under Ghanaian leadership. This suggests that the takeover will have a minimal impact on the bank's existing operations and workforce.
The proposed ownership change is expected to introduce a new strategic majority shareholder while maintaining the bank's existing operations and workforce. Societe Generale Ghana currently operates 40 branches and outlets across the country. The transaction will also increase the participation of the Social Security and National Insurance Trust, which currently holds a 19.36% stake in Societe Generale Ghana.
Key points
- The Bank of Ghana has approved Attijariwafa Bank's acquisition of Societe Generale Ghana.
- The transaction will see Attijariwafa Bank become the majority shareholder of Societe Generale Ghana.
- The takeover is expected to have a minimal impact on the bank's existing operations and workforce.
