The Bank of Ghana (BoG) has issued a “No Objection” to the proposed takeover of Société Générale Ghana by Morocco-based Attijariwafa Bank.
The regulatory approval represents a major step towards completing the transaction, which will see Attijariwafa Bank become the majority shareholder of Société Générale Ghana.
Sources with knowledge of the regulatory process say the Bank of Ghana’s decision was influenced by several factors, including Attijariwafa Bank’s financial strength and the potential impact of its entry on Ghana’s banking sector.
Why BoG gave its approval
Attijariwafa Bank’s financial strength was among the factors considered by 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 is also understood to have considered what the entry of a major international banking group would mean for competition within Ghana’s commercial banking sector.
Joy Business understands that none of the shareholders, including Ghanaian shareholders, raised concerns about the proposed takeover.
These considerations were among the factors that influenced the Bank of Ghana’s decision to issue the “No Objection” to the transaction.
What next?
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.
Société Générale Group currently holds a 60.22% controlling stake in Société Générale Ghana.
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.
Commitments
Joy Business understands that 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.
Background
Société Générale Group announced on October 1, 2026, that it had signed an agreement with pan-African banking group Attijariwafa Bank to sell its majority stake in Société Générale Ghana.
Under the agreement, Société Générale Group will divest its entire 60.22% stake in the Ghanaian subsidiary.
Attijariwafa Bank will acquire 55.22%, while SSNIT will acquire the remaining 5% of the stake being divested.
SSNIT’s additional acquisition will increase its shareholding in Société Générale Ghana from 19.36% to 24.36%.
History
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.
On February 24, 1976, SSNIT changed the bank’s name to Social Security Bank Limited.
The Bank of Ghana was granted a banking licence on September 17, 1976, and officially opened to the public on January 17, 1977.
In May 1994, Social Security Bank merged with the National Savings & Credit Bank and retained the name Social Security Bank Limited.
The bank subsequently made a public offer of 30% of its shares in July 1995, with SSNIT divesting 20% of its shareholding.
It was listed on the Ghana Stock Exchange in October 1995.
In 1997, a consortium comprising Blakeney Management Corporation UK, Morgan Stanley, Quantum (Soros) Emerging Market Investment Corporation and others acquired 52% of the bank’s issued shares, with Allied Irish Banks appointed as technical partner.
The bank changed its name from Social Security Bank Limited to SSB Bank Limited in March 1998.
In December 1999, Commonwealth Development Corporation acquired a 20% stake in the bank.
In March 2003, Société Générale acquired a controlling 46.7% stake in SSB Bank, making it a subsidiary of the French banking group.
Société Générale subsequently increased its shareholding to 51% through a tender offer in July 2003.
SSB Bank officially became SG-SSB Ltd in March 2004.
Following a rights issue in November 2009, Société Générale’s shareholding increased to 52.24%.
The bank changed its name from SG-SSB to Société Générale Ghana in March 2013.
Another rights issue in September 2016 increased Société Générale’s shareholding to 56.67%.
The French banking group later increased its controlling interest to 60.22%, which is now being divested in the proposed transaction with Attijariwafa Bank and SSNIT.
