‘We don’t want to be caught by any surprises’ – BoG Governor tells Societe Generale

The Governor stated that the Central Bank has not yet received any formal information regarding the alleged exit and the next steps from SG Bank from both its group and Accra headquarters.

Addressing journalists at the 118th Monetary Policy Committee (MPC) press briefing in Accra on Monday, May 27, Dr. Addison said, “This is an area where we have not formally received any information from SG, either from their group or from the office in Accra.”

“I have had discussions with their office in Cote d’Ivoire and I have complained that we don’t want to be surprised,” he stressed.

The Central Bank Governor also informed the management of Societe Generale Ghana that the apex bank would not want to be caught off guard by any surprises regarding the list of individuals or entities interested in acquiring shares in the bank.

“We are hearing things in the air and we want to see the long list of those that are interested in acquiring their shares, we do not even want to see the shortlist. So, I have expressed those concerns to their representatives in their Cote D’Ivoire office and hopefully we will hear something from the group very soon,” Dr. Addison said.

In May of this year, Societe Generale Ghana stated that it had been informed by Societe Generale Group that a strategic review of operations in the country had been initiated.

In a press statement cited by GhanaWeb Business, it noted that “if a concrete development were to be decided, a subsequent communication will be made at the appropriate time according to applicable legislation.”

Before this, Societe Generale Ghana denied rumors of its exit from the Ghanaian banking sector.

The speculation, which suggested a withdrawal after two decades of operations, was labeled as unfounded by the bank’s Managing Director, Hakim Ouzzani, during the 44th Annual General Meeting held in Accra.

Ouzzani emphasized that such reports did not originate from the bank.

“Some rumors have indeed taken root regarding SG Ghana. But it’s important to mention to all our stakeholders and our shareholders that the news item being circulated in the media was not issued by the group nor by SG Ghana.

“We don’t want to comment further. But really, I insist that the papers are not by SG, they are not by SG Ghana,” he stated amidst shareholder queries about the alleged pullout.

The French bank first entered the Ghanaian market by acquiring a 51 percent stake in the then Social Security Bank in 2003.