The Bank of Ghana (BoG) has issued a “No Objection” to Morocco-based Attijariwafa Bank’s proposed takeover of Société Générale Ghana, clearing a key regulatory hurdle in a deal that will see the French banking group sell its entire 60.22% stake in the Ghanaian lender, Joy Business reported on Monday, October 5, 2026.
Under the agreement announced on October 1, Attijariwafa Bank will acquire a 55.22% stake, while the Social Security and National Insurance Trust (SSNIT) will take the remaining 5%.
The 5% purchase lifts SSNIT’s total holding in Société Générale Ghana from 19.36% to 24.36%, making the pension fund the second-largest shareholder after Attijariwafa.
The BoG approval follows the original announcement of the sale, which GhanaTrends covered when Société Générale agreed to sell its 60.22% Ghana stake to Attijariwafa Bank and SSNIT.
Bank of Ghana approves Attijariwafa takeover of SG Ghana
According to Joy Business, the central bank considered Attijariwafa Bank’s financial strength and its capacity to provide large-scale financing in Ghana before granting its no objection.
The regulator also assessed how the entry of the international banking group would affect competition in Ghana’s commercial banking sector.
No shareholders, including Ghanaian shareholders, raised objections to the transaction, the report said.
Société Générale Ghana shareholding: before and after the deal
- Société Générale Group: 60.22% before; 0% after (full exit)
- Attijariwafa Bank: 0% before; 55.22% after
- SSNIT: 19.36% before; 24.36% after (+5 percentage points)
- Branch network: 40 branches and outlets nationwide
- Deal value: not publicly disclosed
The transaction covers the bank’s operations, customer portfolios and employees, according to reports on the agreement. Attijariwafa set out the terms in an official press release on the acquisition.
Who is Attijariwafa Bank, the new owner of SG Ghana?
Attijariwafa Bank is a pan-African banking group listed on the Casablanca Stock Exchange. Its reference shareholder is Al Mada, which held 46.5% of its capital at the end of 2025, GhanaWeb reported.
The group reported consolidated assets of about $79 billion and consolidated net profit of about $1.2 billion at the end of 2025, with more than 12 million customers and 22,052 employees.
It operates in 27 countries across North, West and Central Africa, as well as in Europe, with representative offices in the Middle East and Asia.
Société Générale’s 23-year history in Ghana
The bank began as Security Guarantee Trust Limited, incorporated on February 7, 1975, and later became Social Security Bank. It was listed on the Ghana Stock Exchange in October 1995.
Société Générale acquired a controlling 46.7% stake in March 2003, raising it to 51% through a tender offer. Rights issues in 2009 and 2016 lifted its holding further, and the bank was renamed Société Générale Ghana in 2013.
- 2003: 46.7%, then 51% after tender offer
- 2009: 52.24% after rights issue
- 2016: 56.67% after rights issue
- 2026: 60.22%, now being sold in full
What the takeover means for SG Ghana customers and staff
Day-to-day banking continues as normal while the transaction is being completed. Banking analyst Dr Richmond Atuahene has urged customers not to panic, telling YEN.com.gh: “Customers should not panic at all. They are as safe as they were with SG.”
Joy Business reported that discussions around the deal focused on protecting jobs at Société Générale Ghana, with assurances secured that some top management positions will remain in the hands of Ghanaians.
For SSNIT, the larger stake increases the pension fund’s exposure to one of the country’s listed banks.
What happens next for the Société Générale Ghana sale
Because Société Générale Ghana is listed on the Ghana Stock Exchange, the deal still needs approval from the Securities and Exchange Commission (SEC) for the share transfer, along with compliance with Ghana Stock Exchange requirements.
The transaction will only be completed after these remaining approvals. GhanaWeb reported that completion is expected in 2027, subject to the regulatory timeline.
Key details at a glance
- Bank of Ghana has issued a “No Objection” to the takeover.
- Société Générale Group is selling its entire 60.22% stake.
- Attijariwafa Bank acquires 55.22%; SSNIT acquires 5%.
- SSNIT’s holding rises from 19.36% to 24.36%.
- SG Ghana operates 40 branches and outlets.
- SEC and Ghana Stock Exchange approvals are still pending.
- The deal value has not been disclosed.
FAQs
Who is buying Société Générale Ghana?
Morocco-based Attijariwafa Bank is buying a 55.22% stake, while SSNIT is buying 5%, from Société Générale Group’s 60.22% holding.
Is my money safe at Société Générale Ghana?
Operations are continuing as normal, and banking analyst Dr Richmond Atuahene says customers are “as safe as they were with SG.”
Has the Bank of Ghana approved the Attijariwafa deal?
Yes. The Bank of Ghana has issued a “No Objection,” but SEC and Ghana Stock Exchange approvals are still required before completion.
The Bank of Ghana’s no objection moves Attijariwafa Bank a step closer to taking control of Société Générale Ghana, ending the French group’s 23-year ownership of the lender. With SSNIT raising its stake to 24.36% and SEC and stock exchange approvals still to come, the next steps will decide when Ghana’s banking sector officially welcomes its new Moroccan majority owner.
