Five months after denying its exit from the Ghanaian market, Bank of Ghana has confirmed Société Générale’s (SG) intention to sell its stake in Ghana. The BoG has now received a full list of potential buyers for SG’s shares in its Ghana operations, aligning with an earlier report by The Accra Times in May. At the time, SG had dismissed the report as a rumour, asserting its commitment to staying in the Ghanaian market. However, less than 48 hours after the denial, SG’s parent company, Société Générale Group, which held a 60.22% stake, hinted at exploring a strategic move, indirectly confirming the story broke by The Accra Times, a sister company of The High Street Journal.
Now, five months later, the BoG has acknowledged receiving a list of bidders for SG’s stake. During a recent MPC press briefing in Accra, Dr. Ernest Addison, Governor of the BoG, confirmed that the bidding process is ongoing, with updates to be provided once a preferred bidder is selected.
SG currently holds a 56% stake in its Ghanaian operations, with the Social Security and National Insurance Trust (SSNIT) owning 19%, an individual shareholder holding about 7%, and other entities holding the remaining shares. The identities of the bidders are still under review as the BoG evaluates their suitability.
Despite the planned sale, SG has assured its customers of its commitment to forming strong partnerships and making strategic investments to ensure long-term performance and profitability. SG’s gradual exit from Africa follows a broader trend among European banks. The bank has already sold its Moroccan operations to Saham Group and is looking to exit Cameroon and Tunisia after divesting its interests in several African countries, including Congo, Mauritania, Burkina Faso, and Chad.
SG initially entered the Ghanaian market in 2003 by acquiring a 51% stake in Social Security Bank.
