Ghana’s improving banking sector is expected to create new business opportunities for Morocco’s Attijariwafa Bank as it moves to acquire a majority stake in Société Générale Ghana.

International ratings agency Fitch Ratings says the acquisition could help the Moroccan lender increase its earnings without putting significant pressure on its financial position.

Attijariwafa Bank is acquiring a 55.2% stake in Société Générale Ghana, a move that will expand its presence in Ghana’s banking industry.

Fitch’s assessment comes at a time when Ghanaian banks are recording stronger profits following years of economic difficulties.

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In the first eight months of 2026, Ghana’s banking industry recorded a pre-tax return on equity of 22% and a return on assets of 4.3%.

The performance suggests that banks are generating stronger returns on their equity and assets, creating opportunities for investors interested in Ghana’s financial sector.

For Attijariwafa Bank, the acquisition offers an opportunity to benefit from the recovery while adding another source of income to its operations.

Fitch estimates that Société Générale Ghana could contribute about 3% of the Moroccan banking group’s net profit, based on the Ghanaian bank’s 2025 financial results.

Despite this expected contribution, Société Générale Ghana remains relatively small compared with its prospective parent company.

The Ghanaian bank held assets worth less than US$1 billion at the end of 2025, representing only about 1% of Attijariwafa Bank’s total assets.

Its relatively small size means that any financial difficulties at the Ghanaian subsidiary would be unlikely to have a significant impact on the wider banking group.

Fitch therefore expects Attijariwafa Bank to maintain a stable capital position following the acquisition, with its key capital ratio remaining between 10% and 11% in the near term.

The agency also expects fluctuations in the value of the Ghana cedi to have a limited effect on the Moroccan lender’s overall financial position.

Beyond the acquisition, Fitch highlighted improvements in Ghana’s economy as another positive development for the banking sector.

The ratings agency cited stronger foreign exchange reserves and a reduction in government debt relative to the size of the economy as factors supporting Ghana’s financial recovery.

These improvements have helped ease some of the risks facing banks and created a more favourable environment for lending and investment.

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For Attijariwafa Bank, the deal presents an opportunity to expand its operations in Ghana at a time when the country’s banking industry is showing signs of stronger financial performance.

Fitch’s assessment suggests that the Moroccan lender could benefit from Ghana’s banking sector recovery while keeping the financial risks associated with the acquisition relatively low.

DR/MA

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