The Bank of Ghana (BoG) has granted its “no objection” to Attijariwafa Bank’s plan to acquire a controlling stake in Société Générale Ghana. This approval clears a significant regulatory obstacle for the Moroccan banking group. Attijariwafa Bank aims to purchase 55.22% of the Ghana Stock Exchange-listed lender.
This transaction is a key step in Société Générale Group’s withdrawal from the Ghanaian market. The deal also involves the Social Security and National Insurance Trust (SSNIT) acquiring an additional 5% stake. This will increase SSNIT’s total holding in Société Générale Ghana from 19.36% to 24.36%. The remaining 20.42% of shares will continue to be held by other investors, including those trading on the Ghana Stock Exchange.
This acquisition reflects a broader trend of consolidation and strategic shifts within Ghana’s banking sector. Foreign banks sometimes reassess their market presence, leading to divestments. Local institutions like SSNIT are also actively increasing their participation in key economic sectors. This aligns with national goals of strengthening Ghanaian ownership in critical industries. The banking sector remains central to Ghana’s economic stability and growth, influencing credit availability and investment.
The Bank of Ghana’s clearance followed a thorough assessment of Attijariwafa’s financial strength. The central bank also considered the Moroccan bank’s capacity to support large financing transactions. Furthermore, the BoG evaluated the potential impact of Attijariwafa’s entry on competition within Ghana’s banking industry. No existing shareholder, including Ghanaian investors, raised objections during the central bank’s regulatory process.
The transaction now requires further regulatory processes, including approvals from the Securities and Exchange Commission (SEC). This is necessary because Société Générale Ghana is a publicly traded company. The SEC will oversee the transfer of shares and any obligations arising from the change in controlling ownership. The deal also depends on other conditions agreed upon by the involved parties. Until these requirements are met, Société Générale Group formally remains the controlling shareholder.
Attijariwafa is expected to take over all existing activities, client portfolios, and employees of Société Générale Ghana upon completion. Société Générale Group confirmed this when announcing the agreement. This means the transaction represents a transfer of ownership, not a closure of the Ghanaian bank. Société Générale Ghana currently operates 40 branches and outlets across the country, serving both retail and corporate customers.
Discussions around the acquisition included commitments to protect jobs and maintain some senior management positions under Ghanaian leadership. These assurances are important for depositors, employees, and corporate clients. They help alleviate concerns about potential disruptions from a change in ownership. While a new majority investor might introduce changes to technology or strategy, the immediate plan ensures continuity for existing operations and staff.
SSNIT views its increased 5% stake as both an investment decision and a move to boost Ghanaian participation in the banking sector. SSNIT stated, “The increased shareholding represents a significant strengthening of SSNIT’s investment on behalf of Ghanaian workers and pensioners.” The Trust believes this enhances its ability to safeguard and grow contributors’ retirement assets. It also supports the bank’s long-term development and stability. SSNIT emphasized the importance of ensuring Ghanaian workers and institutions benefit directly from the financial sector’s growth.