The Bank of Ghana (BoG) has granted a “No Objection” to the proposed acquisition of Société Générale Ghana by Morocco-based Attijariwafa Bank, according to Joy Business. This regulatory approval is a significant milestone in completing the transaction, which will allow Attijariwafa Bank to become the majority shareholder of Société Générale Ghana. Sources familiar with the regulatory process indicate that the Bank of Ghana’s decision was influenced by several factors, including Attijariwafa Bank’s financial strength and the potential impact of its entry into Ghana’s banking sector.
Why BoG gave its approval
Attijariwafa Bank’s financial strength was one of the key factors considered by the regulator. The Moroccan banking group has substantial financial capacity, which could enhance its ability to support large-scale financing transactions in Ghana. The Bank of Ghana is also understood to have assessed the potential impact of the entry of a major international banking group on competition within the country’s commercial banking sector. Joy Business understands that none of the shareholders, including the Ghanaian shareholders, raised any objections to the proposed takeover. These considerations formed part of the factors that influenced the Bank of Ghana’s decision to issue a “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 origins to February 7, 1975, when it was incorporated as Security Guarantee Trust Limited and wholly owned by the Social Security and National Insurance Trust (SSNIT). On February 24, 1976, SSNIT renamed the institution Social Security Bank Limited. The bank was granted its banking licence by the Bank of Ghana on September 17, 1976, and commenced operations on January 17, 1977.
In May 1994, Social Security Bank merged with National Savings & Credit Bank, retaining the name Social Security Bank Limited. The bank subsequently undertook a public offering in July 1995, involving 30% of its shares, with SSNIT divesting 20% of its stake. The bank was subsequently 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 52% of the bank’s issued shares, with Allied Irish Banks appointed as its technical partner. The institution changed its name from Social Security Bank Limited to SSB Bank Limited in March 1998. In December 1999, Commonwealth Development Corporation acquired a 20% interest in the bank.
In March 2003, Société Générale acquired a controlling 46.7% stake in SSB Bank, making the bank a subsidiary of the French banking group. Société Générale subsequently increased its ownership to 51% through a tender offer in July 2003. In March 2004, SSB Bank was officially renamed SG-SSB Ltd.
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. A further rights issue in September 2016 increased Société Générale’s ownership to 56.67%. The French banking group subsequently increased its controlling interest to 60.22%. Société Générale’s 60.22% controlling stake is now being divested as part of the proposed transaction involving Attijariwafa Bank and SSNIT.
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