Société Générale has signed an agreement to sell its entire 60.22% stake in Société Générale Ghana. Morocco’s Attijariwafa Bank will take 55.22% and Ghana’s Social Security and National Insurance Trust (SSNIT) a further 5%, according to a Ghana Stock Exchange announcement reported by Ecofin Agency on 1 October 2026. The transaction value was not disclosed.
What the agreement provides
Once completed, the sale would give Attijariwafa control of the lender, including its client portfolios and staff. Completion is still subject to conditions in the agreement and to regulatory and stock market approvals in both Ghana and Morocco.
The deal reshapes the shareholder register as follows:
Shareholder End-2025 stake Stake after completion SG Financial Services Holding (Société Générale) 60.22% 0% Attijariwafa Bank 0% 55.22% SSNIT 19.36% 24.36% Daniel Ofori 6.81% 6.81%
The bank Attijariwafa is buying
Société Générale Ghana is a mid-sized lender with a stronger position in credit than in assets. IFC data for September 2024 ranked it 12th in Ghana by total assets, with a 3.4% market share, and fifth by total loans, with a 5% share.
It enters the transaction after a weaker year. Profit after tax fell to 397 million cedis in 2025 from 551.3 million in 2024, a decline of nearly 28%. Gross loans dropped to 5.12 billion cedis from 5.67 billion, and customer deposits fell 6.1% to 5.84 billion cedis.
For Attijariwafa, the acquisition would be its first direct banking presence in Ghana. Until now its Ghanaian exposure has run through partnerships, notably with GCB Bank, covering correspondent banking, trade finance and other cross-border activity.
A seller reducing its African footprint
The Ghana sale continues Société Générale’s retreat from sub-Saharan subsidiaries. The group had already agreed to sell its units in Congo, Equatorial Guinea, Mauritania and Chad to Vista Group and Coris Group, followed by Burkina Faso and Mozambique to Vista.
The buyers in these deals are African banking groups, with Moroccan and regional players taking over positions previously held by French banks. Ghana adds an anglophone market to that pattern, since Attijariwafa’s West African network has been built largely in francophone countries.
The role of SSNIT
SSNIT emerges as the second winner of the deal. Its stake would rise to 24.36%, making Ghana’s state pension and social security fund a larger co-owner alongside a foreign controlling shareholder.
That gives a public institution a bigger exposure to a bank whose earnings fell sharply in 2025. The price SSNIT pays for its additional 5%, and how that investment fits its portfolio strategy, have not been disclosed.
What to watch
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Approval by the Bank of Ghana and the relevant Moroccan authorities, and the timetable for completion.
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Whether the price, or a valuation multiple, is disclosed through the Ghana Stock Exchange.
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Any implications for minority shareholders of the listed bank.
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Attijariwafa’s plans for the Ghanaian unit: brand, capital, and whether it uses it to expand trade finance between Ghana and its francophone network.
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Société Générale’s remaining African subsidiaries, and whether further sales follow.