By Aaron Hammond 
French banking giant Société Générale is set to leave Ghana after agreeing to sell its entire 60.22% stake in Société Générale Ghana. The agreement, announced on October 1, 2026, will bring Attijariwafa Bank, a Morocco based pan African banking group, into the picture as the new majority shareholder.
Under the agreement, Attijariwafa Bank will acquire a 55.22% stake, while Ghana’s Social Security and National Insurance Trust (SSNIT) will acquire another 5%. This means Société Générale Group will have no remaining ownership in its Ghanaian subsidiary once the transaction is completed.
The development is not entirely out of the blue. In March 2025, the Bank of Ghana confirmed that the sale process involving Société Générale Ghana was ongoing, with potential investors engaging the central bank. The regulator also said prospective buyers had to meet the required fit and proper standards before any transaction could move forward.
What the deal means for customers and staff
For customers, the important point is that this is an ownership change rather than an immediate shutdown of the bank. Attijariwafa Bank is expected to take over the activities, client portfolios and employees of Société Générale Ghana after the transaction receives the necessary regulatory approvals.
Société Générale Ghana currently operates a network of about 40 branches and outlets and serves both retail and corporate customers. Over the years, the bank has offered services including consumer loans, cash management, foreign exchange hedging, factoring, finance leasing and bill payments.
The transaction still needs approval from the relevant financial and regulatory authorities before it can be completed. Until those conditions are satisfied, the existing structure remains in place. So, for customers wondering whether they should suddenly start running around looking for another bank, there is no indication in the announcement of an immediate closure.
Why the ownership change matters
The arrival of Attijariwafa Bank could mark a new chapter for the Ghanaian banking business. The Moroccan group already has a pan African presence, and its acquisition would give it a stronger position in Ghana’s financial sector. For Société Générale, meanwhile, the sale forms part of a wider strategy involving the reshaping of its international operations and the disposal of selected businesses.
The change also brings an interesting twist to a story that attracted attention in Ghana in 2024. At the time, Société Générale Ghana’s Managing Director, Hakim Ouzzani, rejected reports that the bank had announced an exit from Ghana, describing the reports as rumours. The latest agreement now formally confirms that the French group will leave its ownership position, subject to regulatory approval.
For Ghana’s banking customers, the next thing to watch will be how the transition is handled, including branding, customer services, digital banking and branch operations. For now, the headline is simple: Société Générale is preparing to exit Ghana, while Attijariwafa Bank is stepping in as the proposed new majority owner.
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