SSNIT lifts Societe Generale Ghana stake to 24.36% as Attijariwafa takeover advances

Pinned summary · as of 04:05

The Social Security and National Insurance Trust (SSNIT) says its stake in Societe Generale Ghana has grown from 19.36% to 24.36%, after it took a slice of the shares being sold by the French parent. Morocco's Attijariwafa Bank is buying 55.22% of the lender, so that Societe Generale Group leaves Ghana entirely, and SSNIT's statement describes the sale of the group's 60.22% holding as completed.

What we know

• Societe Generale Group agreed to sell all of its 60.22% shareholding in Societe Generale Ghana. Moroccan banking group Attijariwafa Bank is to buy 55.22% and SSNIT the other 5%.
• SSNIT said its holding rose by five percentage points, from 19.36% to 24.36%, and tied this to the completed purchase of the 60.22% stake by Attijariwafa and itself.
• In its statement SSNIT thanked the Government, naming the Finance Minister, for helping it secure the extra shares, and credited the Bank of Ghana and the Securities and Exchange Commission with supervising the deal.
• SSNIT said the bigger holding reinforces its investment on behalf of workers and pensioners, supports the bank's stability over the long term and gives Ghanaians a larger share in the ownership of a major lender.
• Attijariwafa is to take over the bank's operations, including its customer accounts and staff, which ends Societe Generale Group's presence in Ghana.
• Societe Generale Ghana serves individuals and businesses through a network of roughly 40 branches and service points nationwide.

What's disputed / unconfirmed

• ?
  Early reports from MyJoyOnline, Citi Newsroom, YEN.com.gh and NorvanReports described the sale as still needing regulatory approval, with the French group staying in control until then, while SSNIT's later statement speaks of a completed purchase; the reports do not reconcile the two accounts.
• ?
  NorvanReports said neither the value of the deal nor the price SSNIT will pay has been disclosed, and that approvals are needed in both Ghana and Morocco with no completion date given; no other report addresses this.
• ?
  NorvanReports gave 2025 results for Societe Generale Ghana: GH₵1.36bn in net banking income, a GH₵397m profit, GH₵9.7bn in assets and GH₵2.6bn in equity. It also put the workforce above 500, the share price at GH₵5.18 on 30 September and the market value at about GH₵3.9bn; other reports have not repeated these numbers.
• ?
  NorvanReports reported that other shareholders will own the final 20.42% of the bank once the transfer is done; this figure has not been confirmed by other reports.
• ?
  NorvanReports quoted Attijariwafa chief executive Mohamed El Kettani as saying the deal shows confidence in Ghana's development prospects and fits the group's African expansion strategy, and that its record of integrating acquired banks will help it develop the Ghanaian lender; no other report carries these remarks.
• ?
  MyJoyOnline, drawing on JoyBusiness research, described Attijariwafa as a Casablanca-based group with about 12 million clients and more than 20,000 staff in 26 countries, figures the bank itself gives; other reports have not confirmed them.
• ?
  Chale News said SSNIT's statement set out no further steps or timeline for putting the new ownership arrangement into effect; no other report addresses this.
• ?
  The Press Radio reported that the ownership change follows a strategic review of its Ghanaian operations by Societe Generale Group; no other report says so.
• ?
  TechFocus24 cited unnamed sources who said talks between Societe Generale and Attijariwafa began under the previous government, before Ghana's non-interest banking policy, and that the sale should not hurt jobs; none of this has been confirmed by the parties.
• ?
  Channel One TV reported that people banking with Societe Generale Ghana are being urged to stay calm and not hurry to take out their savings following the sale announcement; no other report carries this advice.

Why it matters for Ghana

SSNIT manages retirement contributions for Ghanaian workers, so a bigger stake ties more of that money to the fortunes of one commercial bank. Account holders and borrowers served through the bank's branches will deal with a new majority owner once the transfer takes effect. Staff and customers will also be looking for clarity on whether regulatory approval is still outstanding or has been settled.