The Bank of Ghana (BoG) has issued a “No Objection” to the proposed takeover of Société Générale Ghana by Morocco-based Attijariwafa Bank, Joy Business has learnt.
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.
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.
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.
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%.
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