Hakim Ouzzani, the Managing Director of French-based multinational financial services company Societe Generale, has dismissed rumours, suggesting the company is moving out of the Ghanaian banking sector.
According to Mr. Ouzzani , the untruthful information being circulated in the media is not coming from the Group Head Office in France.
He further described the rumour as unfounded speculation, clarifying that the company was rather undergoing restructuring to better adapt to global market dynamics.
“Some rumours have indeed taken root regarding SG Ghana. But it’s important to mention to all our stakeholders and our shareholders that the news item being circulated in the media was not issued by the group nor by SG Ghana,” he said.
“We don’t want to comment further. But really, I insist on the papers is not by SG, it is not by SG Ghana,” he added.
READ ALSO: Glovo To Cease Operations In Ghana, Two Years After Investing $3.7 Million
The exit rumours became a shock to many because other international companies have left the country recently.
It will be recalled that Glovo, a notable food delivery platform, announced to closure of its operations in Ghana effective, May 10, 2024, two years after investing €3.5 million ($3.7 million) to expand its operations.
This announcement was contained in a message sent via email to all its restaurant partners in Ghana.
The company attributed its abrupt halt of operations in Ghana to profitability issues.
With this latest development, the company has revealed that it will concentrate on other African markets such as Morocco, Uganda, Kenya, Côte d’Ivoire, and Nigeria.
“While we recognize the potential of the Ghana market, building a stronger position and achieving profitability would require substantial investment over an extended, period.
“This is why we have decided to redirect our resources towards the other 23 countries where Glovo operates, enabling us to serve better the millions of customers who use Glovo app every day,” management of Glovo noted via email.
Meanwhile, Unilever Ghana, Jumia, Game, Nivea and other companies have all moved out of the country to focus on production in other countries, citing high cost of borrowing, astronomical taxes, elevated inflation, and perennial exchange rate depreciation.