The Bank of Ghana (BoG) has issued a “No Objection” to the proposed takeover of Société Générale Ghana by Morocco-based Attijariwafa Bank, clearing a major regulatory hurdle in a transaction that will transfer majority ownership of the Ghanaian lender to the pan-African banking group. Editorial Standards
The decision marks an important step toward completing Société Générale Group’s exit from Ghana after more than two decades of controlling the local bank.
The transaction, announced on October 1, 2026, will see Attijariwafa Bank acquire a 55.22 percent stake in Société Générale Ghana, while the Social Security and National Insurance Trust (SSNIT) acquires an additional five percent.
Société Générale Group currently owns 60.22 percent of Société Générale Ghana, meaning the proposed transaction will effectively transfer the French banking group’s entire controlling interest.
Once completed, Attijariwafa Bank will become the new majority shareholder and assume control of the bank’s operations, client portfolios and employees.
The Bank of Ghana’s decision follows its assessment of the proposed transaction and the prospective buyer. Sources familiar with the regulatory process said the central bank considered Attijariwafa Bank’s financial strength, its capacity to support large-scale financing and the possible effect of its entry on competition within Ghana’s banking industry.
The regulator is also understood to have taken into consideration the views of existing shareholders. None of the shareholders, including Ghanaian shareholders, reportedly raised objections to the proposed change in ownership during the regulatory process.
However, the “No Objection” does not mean the acquisition has been fully completed. Further regulatory requirements remain, particularly because Société Générale Ghana is listed on the Ghana Stock Exchange. Corrections Policy
The transaction will therefore require the necessary approvals from the Securities and Exchange Commission (SEC), including approvals relating to the transfer of shares and other requirements arising from the change in control.
Completion of the outstanding regulatory processes will pave the way for the formal conclusion of the takeover.
The transaction will also increase Ghanaian institutional participation in the bank. SSNIT currently owns 19.36 percent of Société Générale Ghana, but its acquisition of an additional five percent will increase its stake to 24.36 percent.
SSNIT has described the increased shareholding as an opportunity to strengthen Ghanaian participation in the banking sector and enhance the value of assets managed on behalf of workers and pensioners.
The Trust said the investment is intended to support long-term value creation, sustainability and improved retirement benefits for contributors.
For Attijariwafa Bank, the acquisition represents a significant expansion into Ghana and gives the Moroccan financial group an opportunity to establish a stronger presence in one of West Africa’s major economies.
Attijariwafa Bank is one of Africa’s major banking groups, with operations across several African markets as well as Europe and the Middle East.
Its entry into Ghana could introduce additional financial capacity and potentially strengthen competition in the country’s commercial banking sector. Editorial Ethics & Independence
The acquisition also comes at a time when Ghana’s banking industry is adjusting to changing economic conditions, including lower interest rates and evolving demand for credit.
A new majority shareholder with substantial financial resources could provide Société Générale Ghana with additional capacity to participate in large-scale financing and support businesses operating in Ghana.
Société Générale Ghana currently operates 40 branches and outlets across the country. Discussions surrounding the transaction have also included commitments aimed at protecting jobs, while indications suggest that some senior management positions could remain under Ghanaian leadership.
The bank has a long history in Ghana. Its origins can be traced to Security Guarantee Trust Limited, which was incorporated in 1975 and subsequently became Social Security Bank.
The institution was listed on the Ghana Stock Exchange in 1995 before Société Générale acquired a controlling interest in 2003.
The French banking group later increased its ownership to 60.22 percent, a stake it is now preparing to transfer to Attijariwafa Bank and SSNIT.
The sale has been under regulatory consideration for some time. In 2025, the Bank of Ghana indicated that several prospective buyers had expressed interest in Société Générale Ghana and that the central bank’s responsibility was to assess prospective buyers against regulatory and fit-and-proper requirements.
The BoG’s “No Objection” therefore represents a significant development in a process that has been closely monitored by the banking industry and investors. Newscard
For customers, the immediate expectation is continuity. The proposed transaction is structured to transfer the bank’s existing operations, client relationships and workforce to the new majority shareholder rather than wind down the business.
The ultimate impact of the takeover will depend on how Attijariwafa Bank integrates its strategy with Société Générale Ghana’s existing operations and how effectively it uses its financial resources to expand lending, improve services and compete in Ghana’s banking market.
With the BoG’s regulatory clearance now secured, attention will shift to the remaining approvals and the eventual completion of the transaction.
If all outstanding requirements are satisfied, Attijariwafa Bank will formally take over as the majority shareholder, marking a new chapter for one of Ghana’s established commercial banks.