The Bank of Ghana (BoG) has issued a “No Objection” to the proposed takeover of Société Générale Ghana by Morocco-based banking group Attijariwafa Bank, paving the way for the completion of the transaction.
The regulatory clearance is a major step towards the acquisition, which will see Attijariwafa Bank become the majority shareholder of Société Générale Ghana and take over the bank’s operations, client portfolios and employees.
Sources familiar with the regulatory process told Joy Business that the Bank of Ghana’s decision was influenced by Attijariwafa Bank’s financial strength and the potential impact of its entry on competition and financing within Ghana’s banking sector.
Why BoG approved the transaction
Attijariwafa Bank’s financial capacity was reportedly a key consideration in the regulator’s decision.
The Moroccan banking group has significant financial resources, which could enhance its capacity to participate in large-scale financing transactions and support the growth of Ghana’s banking sector.
The Bank of Ghana also considered the potential benefits of introducing another major international banking group into the country’s commercial banking space, particularly in terms of competition.
Joy Business understands that none of Société Générale Ghana’s shareholders, including Ghanaian shareholders, raised objections to the proposed transaction.
These factors contributed to the Bank of Ghana’s decision to issue its “No Objection.”
SEC approval still required
Although the Bank of Ghana has cleared the transaction, further regulatory approvals are required before the takeover can be completed.
Société Générale Ghana is listed on the Ghana Stock Exchange, having been listed in 1995 under the name Social Security Bank. The transaction therefore requires the necessary approvals from the Securities and Exchange Commission (SEC), particularly in relation to the transfer of shares and other matters arising from the change in ownership.
Once the outstanding regulatory approvals are secured, the transaction can proceed to completion.
Attijariwafa Bank to become majority shareholder
Société Générale Group currently owns a 60.22% controlling stake in Société Générale Ghana.
Under the agreement announced on October 1, 2026, Société Générale Group will divest its entire stake in the Ghanaian subsidiary.
Attijariwafa Bank is expected to acquire 55.22%, while the Social Security and National Insurance Trust (SSNIT) will acquire the remaining 5%.
The transaction will increase SSNIT’s shareholding in Société Générale Ghana from 19.36% to 24.36%.
Upon completion, Attijariwafa Bank will become the new majority shareholder and assume control of the bank’s activities, client portfolios and workforce.
Jobs and Ghanaian management
Discussions surrounding the transaction have also included commitments to protect jobs at Société Générale Ghana.
There are indications that assurances have been secured to retain some senior management positions for Ghanaians.
The takeover is therefore expected to introduce a new majority shareholder while largely maintaining the bank’s existing operations and workforce.
Société Générale Ghana currently operates about 40 branches and outlets across the country.
A long history dating back to 1975
Société Générale Ghana traces its origins to February 7, 1975, when it was incorporated as Security Guarantee Trust Limited and wholly owned by SSNIT.
On February 24, 1976, SSNIT changed the bank’s name to Social Security Bank Limited.
The Bank of Ghana granted the institution a banking licence on September 17, 1976, and it 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 offered 30% of its shares to the public in July 1995, with SSNIT divesting 20% of its holding. 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 other investors acquired a 52% stake in the bank, with Allied Irish Banks appointed as technical partner.
The institution changed its name to SSB Bank Limited in March 1998.
In December 1999, Commonwealth Development Corporation acquired a 20% stake in the bank.
Société Générale takes control
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 holding 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 was renamed 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%.
That entire stake is now being divested as part of the proposed transaction with Attijariwafa Bank and SSNIT.
The acquisition, once all regulatory approvals are secured, will mark another major change in ownership in the history of one of Ghana’s longest-established commercial banks.
