The Bank of Ghana (BoG) has issued a "No Objection" to the proposed takeover of Société Générale Ghana by Morocco-based Attijariwafa Bank. This regulatory approval represents a major step towards completing the transaction, which will see Attijariwafa Bank become the majority shareholder of Société Générale Ghana. The decision was influenced by several factors, including Attijariwafa Bank's financial strength and the potential impact of its entry on Ghana's banking sector.
Attijariwafa Bank's financial strength was a key consideration for the regulator. The Moroccan banking group has significant financial capacity, which could strengthen its ability to participate in large-scale financing transactions in Ghana. The Bank of Ghana also considered the potential impact on competition within Ghana's commercial banking sector. Notably, none of the shareholders, including Ghanaian shareholders, raised concerns about the proposed takeover.
Société Générale Ghana is listed on the Ghana Stock Exchange, having been listed in 1995 under the name Social Security Bank. As a result, the transaction also requires the necessary approvals from the Securities and Exchange Commission (SEC), particularly regarding the transfer of shares and other developments on the Ghana Stock Exchange. Securing the relevant approvals will pave the way for the completion of the takeover.
Under the agreement announced on October 1, 2026, Attijariwafa Bank is expected to acquire a 55.22% stake, while the Social Security and National Insurance Trust (SSNIT) 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 Société Générale Ghana. Société Générale Group currently holds a 60.22% controlling stake in Société Générale Ghana.
Discussions around the transaction have included an aim to protect jobs at Société Générale Ghana. There are also indications that assurances have been secured, allowing some top management positions to remain in the hands of Ghanaians. The transaction will therefore introduce a new majority shareholder while maintaining the existing banking operations and workforce. Société Générale Ghana currently operates a network of 40 branches and outlets across the country.
Société Générale Ghana traces its history to February 7, 1975, when it was incorporated as Security Guarantee Trust Limited and was wholly owned by SSNIT. The bank has undergone several transformations, including a merger in 1994 and a public offer of shares in 1995. In 2003, Société Générale acquired a controlling 46.7% stake in the bank, making it a subsidiary of the French banking group.
The acquisition will also see SSNIT increase its shareholding in Société Générale Ghana from 19.36% to 24.36%. With the BoG's "No Objection" in place, the transaction is expected to be completed once the necessary approvals from the SEC are secured. The takeover will mark a significant change in the ownership structure of Société Générale Ghana, with Attijariwafa Bank set to become the new majority shareholder.
Key points
- The Bank of Ghana has issued a "No Objection" to Attijariwafa Bank's takeover of Société Générale Ghana.
- Attijariwafa Bank will acquire a 55.22% stake, while SSNIT will acquire an additional 5% of Société Générale Ghana.
- The transaction aims to protect jobs and maintain existing banking operations and workforce.
