The Ghana Investment Promotion Authority (GIPA) has engaged Societe Generale Ghana PLC on the proposed transition of the bank’s Ghanaian operations to Morocco based Attijariwafa Bank, with discussions focusing on opportunities to deepen investment and economic relations between Ghana and Morocco.
The engagement followed a visit by the Managing Director of Societe Generale Ghana, Mr Hakim Ouzzani, to the Chief Executive Officer of GIPA, Mr Simon Madjie, in Accra.
The meeting forms part of efforts to strengthen Ghana’s investment ecosystem and leverage the planned change in ownership of Societe Generale Ghana to attract greater Moroccan Foreign Direct Investment (FDI) into the country.
Under the agreement announced by Societe Generale Group, the French banking group is divesting its entire 60.22 per cent controlling stake in Societe Generale Ghana.
Attijariwafa Bank is expected to acquire 55.22 per cent of the shares, while the Social Security and National Insurance Trust (SSNIT) will acquire an additional five per cent stake.
The transaction will make Attijariwafa Bank the majority shareholder of Societe Generale Ghana and is expected to transfer the bank’s existing operations, client portfolios and employees to the new majority shareholder, subject to the necessary regulatory and other approvals.
Mr Madjie said the development could open new avenues for Moroccan investors to explore opportunities in Ghana and strengthen commercial and financial ties between the two countries.
‘’The management of Societe Generale Ghana and GIPA is prepared to support the transition process and facilitate the investment interests that could emerge from the transaction.’’
CEO of GIPA, Mr. Simon Madjie
An Opportunity to Expand Ghana-Morocco Investment Relations
According to Mr Madjie, the entry of Attijariwafa Bank could provide an opportunity to expand Ghana-Morocco investment relations beyond banking and create additional linkages between businesses, investors and institutions in both markets.
He also invited Societe Generale Ghana and Attijariwafa Bank to participate in the Invest Ghana Summit scheduled for November 16 and 17, 2026, in Accra.
The summit is being positioned as a platform for investors, business leaders, policymakers and other stakeholders to connect, explore investment opportunities and build partnerships in Ghana. GIPA has described the event as a major investment and business gathering aimed at connecting global capital with opportunities in the Ghanaian economy.
Mr Madjie said the participation of the two banking institutions would provide an opportunity to discuss investment opportunities, establish business partnerships and explore areas in which Moroccan capital and expertise could contribute to Ghana’s economic development.
‘’The planned ownership transition comes at a significant point in the history of Societe Generale Ghana, which has operated in the country for decades and has developed a nationwide presence serving retail and corporate customers.’’
CEO of GIPA, Mr. Simon Madjie
The bank traces its origins to Security Guarantee Trust Limited, incorporated in 1975, before becoming Social Security Bank and laterundergoing changes in ownership and branding. Societe Generale acquired a controlling interest in the bank in 2004, and the institution subsequently adopted the Societe Generale identity.
Societe Generale Ghana currently operates a network of 40 branches and outlets across the country. The bank serves individuals, businesses and corporate clients through a range of banking and financial services.
For Attijariwafa Bank, the proposed acquisition represents an expansion of its presence in English-speaking Africa. Reports on the transaction indicate that the Moroccan banking group views the Ghanaian market as an opportunity to strengthen its African footprint and build on the position of an established banking institution.
Increasing SSNIT Ownership in Societe Generale Ghana
The transaction also increases SSNIT’s ownership in Societe Generale Ghana. Following the acquisition of the additional five per cent stake, SSNIT’s shareholding rises from 19.36 per cent to 24.36 per cent.
The Trust has said the increased ownership strengthens its investment position on behalf of Ghanaian workers and pensioners while supporting the long-term development and stability of the bank.
The development therefore combines international investment with increased Ghanaian institutional participation in the banking sector.
For GIPA, the engagement presents an opportunity to connect the change in ownership with broader investment promotion objectives, particularly by encouraging Moroccan businesses and investors to consider Ghana as a destination for capital, partnerships and expansion.
Morocco has increasingly developed commercial and investment links across Africa, while Ghana continues to position itself as a gateway for investors seeking access to the Ghanaian market and wider regional opportunities.
The Invest Ghana Summit is expected to provide a platform for further discussions on these opportunities, bringing together investors, policymakers and private-sector stakeholders.
As the ownership transition progresses through the required regulatory processes, GIPA’s engagement with Societe Generale Ghana is expected to support dialogue around investment continuity, new business opportunities and stronger Ghana-Morocco economic relations.
The proposed transaction remains subject to the fulfilment of customary conditions and approvals from relevant financial and regulatory authorities in Ghana and Morocco.
