The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has disclosed that the sale of shares in Société Générale is ongoing, with several prospective buyers expressing interest.
Dr Asiama noted that central bank regulators are ensuring that the prospective buyer meets the necessary requirements.
“The sale of shares in Société Générale is ongoing. A number of prospective buyers have engaged with us. But, as you know, we are central bank regulators; our role is to issue a no-objection letter and to ensure that the prospective buyer meets the fit and proper requirements. So, we await their negotiations. Once completed, we will assess the aspects that require our review,” he said.
Dr Asiama added that, “We must ensure that they meet the policy guidelines regarding mergers and acquisitions and confirm that everything complies with the fit and proper standards. That is where we currently stand concerning the Société Générale transaction. We are waiting for the shareholders and the agreements to be finalised, after which we will step in to move the sale to the next stage.”
The Bank of Ghana Governor made this known during the 123rd Monetary Policy Committee (MPC) press conference in Accra on Friday, March 28, 2025.
It would be recalled that in May last year, reports were rife that Société Générale, was planning to exit its operations from the Ghanaian market.
The bank initially entered Ghana in 2003 by acquiring a 51 percent stake in the then Social Security Bank.
In a publication on its website, the French bank stated that, with its longstanding presence in Africa, it aims to focus its resources on markets where it can establish itself as a leading bank, in line with the group’s overall strategy.
However, Fitch Ratings has suggested that Société Générale’s planned exit from some African countries could create significant opportunities for emerging pan-African banking groups to expand, either organically or through mergers and acquisitions.
