Attijariwafa takes control of Société Générale Ghana as Daniel Ofori retains stake

Attijariwafa Bank, Morocco’s leading financial services group owned by the Alaouite royal family of Morocco, is set to acquire a controlling stake of more than 55% in Société Générale Ghana as French banking giant Société Générale exits the Ghanaian market after more than two decades, bringing a new strategic owner to the listed lender.

Société Générale has agreed to sell its entire 60.22% stake in its Ghana arm, with Attijariwafa Bank acquiring 55.22% and Ghana’s Social Security and National Insurance Trust (SSNIT) taking an additional 5%. The transaction remains subject to regulatory and stock market approvals in Ghana and Morocco.

Attijariwafa Bank enters Ghanaian banking market

The acquisition will give Attijariwafa Bank a direct banking presence in Ghana and expand its footprint across anglophone Africa. Once completed, the Moroccan lender will take control of Société Générale Ghana’s operations, including its customer portfolios and employees.

Société Générale Ghana operates a network of 40 branches and outlets across the country and serves retail and corporate customers with banking products including trade finance, cash management, foreign exchange and consumer lending.

Société Générale Ghana enters ownership change after weaker 2025

The transaction comes after a weaker financial year. The bank reported profit after tax of GHC397 million ($33.8 million) in 2025, down about 28% from GHC551.3 million ($46.97 million) in 2024, amid changes in Ghana’s macroeconomic environment.

Société Générale Ghana is one of the country’s leading banks, with 40 branches and outlets serving retail and corporate clients. The bank’s total assets stood at about GHC9.7 billion ($826.19 million) at the end of 2025, while its net profit reached GHC397 million ($33.8 million), according to reporting on the transaction.

SSNIT increases Ghanaian ownership

The transaction will also increase SSNIT’s holding in the bank from 19.36% to 24.36% after acquiring the additional 5% stake.

Meanwhile, Ghanaian businessman Daniel Ofori will retain his existing 6.81% stake, leaving him among the bank’s significant minority shareholders following Société Générale’s exit.

For Attijariwafa Bank, the transaction adds Ghana to its expanding African banking footprint and provides access to an established local banking platform, while it completes its exit from the Ghanaian subsidiary.