Ghana: Central Bank does not oppose the acquisition of Société Générale Ghana by Morocco's Attijariwafa

The Bank of Ghana has notified its "no objection" to the acquisition of 55.22% of the capital of Société Générale Ghana by the Moroccan group Attijariwafa Bank, reported Ghanaian media outlet Adom Online on October 5, 2026. The transaction was announced on October 1, 2026, on the Accra Stock Exchange, where the subsidiary has been listed since 1995.

Paris withdraws, Casablanca advances

Société Générale is selling its entire 60.22% stake, according to Adom Online. Attijariwafa is taking over 55.22%, and the Social Security and National Insurance Trust (SSNIT), the Ghanaian public pension fund, is acquiring an additional 5%, increasing its share from 19.36% to 24.36%. Ghanaian businessman Daniel Ofori retains 6.81% of the capital, specifies the site Billionaires.Africa. The value of the transaction has not been made public.

The buyer is no stranger to the continent. Attijariwafa Bank, controlled by the Moroccan holding company Al Mada, claims a presence in 27 countries, more than 12 million customers, and 22,052 employees, according to the North Africa Post. It is already established in Côte d'Ivoire, Senegal, Togo, Benin, Mali, Niger, and Burkina Faso, and makes intra-African trade one of its stated priorities. Its CEO, Mohamed El Kettani, presented the signing as a sign of confidence in Ghana's prospects.

The weight of the acquired bank

Société Générale Ghana is not a marginal institution: it has more than 500 employees and around 40 branches spread across 24 cities, accounting for approximately 3.4% of the assets of the Ghanaian banking sector and 5% of loans, according to Billionaires.Africa, which ranked it twelfth nationally by assets. To justify its green light, the Bank of Ghana highlighted Attijariwafa's financial strength and its capacity to provide large-scale financing. No shareholder opposed the sale. According to Adom Online, discussions focused on maintaining jobs and operations, with the bank's management expected to remain in Ghanaian hands.

Next step, then the real question

The transfer of shares must still be approved by the Ghanaian Securities and Exchange Commission, as the bank is listed. The operation illustrates a fundamental trend: European banks are reducing their African exposure, and it is groups from the continent that are taking over the assets. A transfer of ownership to African capital serves the continent's financial sovereignty. It does not, however, exempt stakeholders from monitoring what matters to Ghanaians: the cost of credit, access to financing for SMEs, and the fate of the 500 employees.