BoG approves Attijariwafa Bank's takeover of Société Générale Ghana

The Bank of Ghana (BoG) has given its approval for Morocco’s Attijariwafa Bank to proceed with its planned takeover of Société Générale Ghana. The decision is a major step towards completing the deal and will allow Attijariwafa Bank to become the largest shareholder in Société Générale Ghana once the remaining approvals are secured. Under the agreement, Attijariwafa Bank will acquire a 55.22% stake in Société Générale Ghana. The Social Security and National Insurance Trust (SSNIT) will also acquire an additional 5% stake. Société Générale Group currently owns 60.22% of the Ghanaian bank and plans to sell its entire stake. How Kasapreko's GSE listing added $174 million to Adjei family wealth The Bank of Ghana reportedly considered Attijariwafa Bank’s strong financial position before giving its “No Objection” to the deal. The regulator also considered how the entry of another major international bank could increase competition in Ghana’s banking sector. According to Joy Business, shareholders, including Ghanaian shareholders, did not raise concerns about the proposed takeover. However, the deal is not yet fully completed. Société Générale Ghana is listed on the Ghana Stock Exchange, so other regulatory approvals are still required, including those involving the Securities and Exchange Commission (SEC). When the transaction is completed, Attijariwafa Bank will become the new majority shareholder of Société Générale Ghana. SSNIT’s stake will also increase from 19.36% to 24.36%. The deal is expected to keep Société Générale Ghana’s current operations and employees. There have also been discussions about protecting jobs and keeping some senior management positions in the hands of Ghanaians. Société Générale Ghana currently has about 40 branches and outlets across the country. Société Générale Group announced on October 1, 2026, that it had agreed to sell its majority stake in the Ghanaian bank to Attijariwafa Bank and SSNIT. How your attitude towards money determines your wealth – Kakra Baiden explains Société Générale has controlled the bank for more than two decades after first acquiring a major stake in the then SSB Bank in 2003. Once the deal is completed, Attijariwafa Bank will take over as the controlling shareholder, bringing Société Générale’s long period as the bank’s majority owner in Ghana to an end. DR/MA Inside Ghana’s Abandoned Engineering Powerhouse: What Went Wrong? Source: www.ghanaweb.com
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